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

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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