Elliott Wave Analysis: EURUSD and USDJPY

By: Gregor Horvat | Fri, Jan 6, 2017
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EURUSD

US NFP came lower than expected but this will not prevent USD from rising, which made just a spike up on EURUSD and now price is already turning so maybe a flat correction is finished. However, daily close price is always the most important price of the day, not forget on weekly candles too. So if we will see more weakness during the US hours, and a close below blue wave four swing at 1.0481 then this will be indication that pair is going to see lower levels next week.

EURUSD, 1H

EUR/USD 1-Hour Chart


USDJPY

USDJPY is higher, but still not above 117.22, an overlap of a blue wave iv is needed to put lows in place.

USDJPY, 1H

USD/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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