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Elliott Wave Analysis: EURUSD and EURJPY

By: Gregor Horvat | Friday, May 19, 2017

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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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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