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Elliott Wave Analysis: EURUSD and EURJPY

EURUSD

EURUSD is charging higher, now trading a little above the Fibonacci ratio of 100.0. This impulsive rally is wave 5, that will ideally reach for 138.2 or even 161.8 Fibonacci projection, before top comes in for wave C and a significant turn lower occurs.

EURUSD, 1H

EUR/USD 1-Hour Chart


EURJPY

EURJPY made a nice three wave rise in the past couple of hours, which we now see as wave B) in final stages. That said price is trading near the lower trendline, which can offer some resistance and push prices lower. A five wave fall from current levels and a breach below the 123.34 level would confirm a bearish continuation.

EURJPY, 1H

EUR/JPY 1-Hour Chart


Video of Elliott Wave Analysis regarding the NZDJPY and S&P500

 


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