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

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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