Elliott Wave Analysis On EURUSD And EURJPY

By: Gregor Horvat | Wed, Feb 17, 2016
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EURUSD

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.

EURUSD, 1H

EURUSD 1-Hour Chart


EURJPY

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.

EURJPY, 1H

EURJPY 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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