Elliott Wave Analysis On EURJPY And EURUSD

By: Gregor Horvat | Wed, Feb 24, 2016
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EURJPY

US markets are open for trading. On the intraday chart of EURJPY we expect a corrective pullback in the blue wave 4 and resistance could be at 123.80-123.90 levels. After that we should see a development of the fifth and final wave, which should take this pair to 121.00 levels at least.

EURJPY, 1H

EURJPY 1-Hour Chart


EURUSD

EURUSD is similar to EURJPY which is logical since they are correlated. On this pair we are tracking an impulsive wave to the downside, wave A, that could already be completed. We now expect a minor pullback in wave 4 to around 1.103-1.105 area, where a possible reversal can take place. An impulsive decline from that area would suggest lower levels into black wave A, towards 1.0900.

EURUSD, 1H

EURUSD 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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