Elliott Wave Analysis On EURUSD And EURJPY
On EURUSD we are still tracking a corrective pattern, which can unfold as wave B/2 and can form as a flat. A reversal to the downside can come in from 1.1213-1.1257 area. Straight move down to 1.100 would indicate a completed correction.
Recent break beneath our corrective channel line suggest, that EURJPY is headed much lower and that correction in black wave 4 is completed. That said price is now trading in final stages of a minor correction in blue wave ii and will ideally continue to the downside after its completion. We can expect a reversal around our fibo. ratio of 61.8. Break above 128.187 would invalidate the count.
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