Elliott Wave Analysis On EURGBP And EURJPY

By: Gregor Horvat | Mon, Sep 5, 2016
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EURGBP

EURGBP is in sharp and impulsive sell-off for the last two or three weeks, currently with red wave 5) still in progress which should be structured by five subwaves, so current leg from 0.8565 can extend even to 0.8300 this week, or to 0.8260 before support will be seen for a turn up into a corrective A)-B)-C) run.

EURGBP, 4H

EUR/GBP 4-Hour Chart


EURJPY

EURJPY is turning slightly lower for the last 24 trading hours, away from 61.8% Fibonacci level where market might already accomplished a three wave of recovery up into wave c-circled that belongs to a big triangle formation. So if we are on the right track then current minor turn down can be start of a wave d decline towards the lower side of a contracting range.

EURJPY, 4H

EUR/JPY 4-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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