Elliott Wave Analysis: EURUSD And USDJPY

By: Gregor Horvat | Mon, Nov 16, 2015
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EURUSD

No change on EURUSD; pair made three legs up last week which is a structure of a corrective price action. We see a completed zigzag in wave four that should send price to new lows this week. Based on Fibonacci levels we see room down to 1.0580 this week. In the mean time 1.0830 must hood, otherwise wave count will have to be reworked.

EURUSD, 1H

EURUSD 1-Hour Elliott Wave Chart


USDJPY

USDJPY has turned nicely up in the last few hours, which looks like an impulse that already broke out of the downward channel. At the same time we see move above 122.98 swing high that also suggests higher prices ahead. That said, it looks like that wave iv) finally bottomed as a double zigzag so traders must be aware of a continuation back to the November highs.

USDJPY, 4H

USDJPY 4-Hour Elliott Wave Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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