Elliott Wave Analysis On EURJPY And EURUSD
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.
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.
If you like our trading analysis, you can visit our website at --> www.ew-forecast.com