Elliott Wave Analysis For EURJPY And GBPUSD

By: Gregor Horvat | Tue, Mar 15, 2016
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EURJPY

EURJPY is trading nicely down for the last few session.. Decline is quite sharp at the moment so ideally that's wave three in play towards 124.20-124.60 area where we see some typical Fibonacci projections for extended third wave. That said, we will still keep a close eye on this pair as some interesting sell opportunities may occur later this week, if 126.08 will stay untouched. If stocks will trade lower, then this would also be a bullish sign for Japanese yen.

EURJPY, 1H

EURJPY 1-Hour Elliott Wave Chart


GBPUSD

GBPUSD remains bearish as recent minor intraday rally up to around 1.4195 can be wave 4 as part of a five wave decline in wave C) that is targeting 1.4100-1.4120 area where we would expect to see a bounce. Ideally this new leg up will then be in impulsive, five wave structure, but based on minimum expectations it can also be a three wave move, but still to the upside, probably back to a round 1.4280 as minimum objective.

GBPUSD, 1H

GBPUSD 1-Hour Elliott Wave 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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