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Daily Elliott Wave Forecast: EURUSD, GBPUSD, GOLD (10.01.22)

The euro prices kicked the week off on negative footing against the dollar as intermediate wave (4) seems complete now. A break of the ascending trendline can be an early sign of bearish continuation to $1.1186 at least.

The British pound is poised to move higher in the medium-term should the break outside the descending base channel proves valid. With an ensign diagonal in the making, the short-term price action is more bearish than it is bullish.

Gold lost a decent $40 off of its price since wave B ended at the 65% Fibonacci at $1830 and it’s expected to decline further. Any upside, for now, is seen as short-term relief that could find resistance at the round $1800. Either way, the triangle is near its completion.

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