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Elliott Wave Analysis On EURGBP And EURJPY

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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