Elliott Wave Analysis: EURGBP and EURJPY

By: Gregor Horvat | Fri, Dec 2, 2016
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EURGBP

We see five waves down on EURGBP with recent decline to 0.8370 area, which can be wave five of this bearish cycle. Notice that market made a small bounce from the low which looks like an impulsive reaction, so new recovery can be in play for 0.8578 resistance.

EURGBP, 1h

EUR/GBP 1-Hour Chart


EURJPY

If stocks will continue higher next week, then interesting trades may show up on some JPY crosses. Below we have EURJPY which can be ready for a pullback lower into wave 4, into the area of a former wave four. Ideal support zone on a three wave set-back is at 119.30.

EURJPY, 1h

EUR/JPY 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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