Elliott Wave Analysis On EURJPY And GBPUSD

By: Gregor Horvat | Wed, Oct 26, 2016
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EURJPY

EURJPY is breaking above the upper channel line in a sharp manner, probably as part of red sub-wave A). As such we believe the final blue wave E of this higher degree triangle may be in motion, with a probable reversal zone around the 61.8 or 78.6 Fibonacci ratio. Ideally from there more weakness will occur in impulsive fashion.

EURJPY, 1H

EUR/JPY 1-Hour Chart


GBPUSD

GBPUSD is trading nicely towards our 3 or C wave target around the 1.2289 region, from where a probable reversal may come in play. Ideally this will only be a three wave reversal, meaning more upside could still later be seen, after this reversal takes place.

GBPUSD, 4H

GBP/USD 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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