Elliott Wave Analysis: EURUSD and GBPJPY Are Aiming Higher!

Intermediate

EURUSD is trading in a bullish trend, up from 1.118 level, where a higher degree wave 2 correction had found a base. We labelled a five-wave impulsive movement in progress, with price now trading at the end of a sub-wave v) of one. Once we get five minor legs within the wave v) of one, that is when we anticipate a temporary setback, labelled as a potential wave two.

Possible resistance for sub-wave v) of one can be near the Fibonacci ratio of 100.0 (1.140 region).

We are also looking higher, as long as price keeps trading above the invalidation level at 1.118 zone.

EURUSD, 1h

EURUSD 1hr Chart 2019-06-24

GBPJPY can be trading at the start of a bigger, bullish cycle, with recently completed legs a/I and b/ii. Latest sharp rally from the 135.8 region can be sub-wave i), followed by its corrective leg ii), which can look for support near the 136.4/136.23 area.

A rally above the 137.10 level would confirm a bullish continuation.

GBPJPY, 1h

GBPJPY 1hr chart 2019-06-24

@ewforecast

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest Related News

EURUSD Forecast: Positive tone ahead of the Fed and ECB

The focus today is on the Federal Reserve in their last FOMC Meeting of 2019.No change in interest rates in anticipated but given the better than expected US Employment data last week, the risk is for the Fed to begin to shift away from a more dovish stance to slightly more hawkish.Such a shift in tone could see the EURUSD forecast shift lower with US… Continued

US Dollar gains on Employment report

2nd - 6th December 2019 USD The Dollar closed the week with a bang after the US jobs report smashed expectations. At the beginning of the week, the Dollar spent the first four trading days of the month selling off and started to look rather oversold by Thursday afternoon. With the very positive jobs data on Friday, however, reporting +266k, we instantly saw USD bulls… Continued

US Dollar positive reversal

Strong US Employment report (NFP data) creates a US Dollar reversal in a broad sideways pattern (EURUSD lower, US Dollar Index, DXY higher)Kiwi breaks up and targets .6675 (NZDUSD) Continued

The Forex Zone Forecasts – US Dollar weakens, with Pound to USD bullish

US Dollar shifts to a weaker theme across the major currencies, with the GBP USD Chart showing a bullish break The Forex Zone looks at day trade views and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bull theme intact A firm rebound and consolidation tone on Thursday to build on Wednesday's spike above key 1.1097 (to signal an intermediate-term… Continued

EURUSD forecast is positive with a weakened US Dollar

A broad “risk off” scenario hit global markets Monday as US President Trump put tariffs on Steel and Aluminum imports from Brazil and Argentina, heightening the global trade war.This sent stocks lower, and in this scenario had a negative impact on the US Dollar within G3, with the greenback losing ground to both the Japanese Yen and Euro (EURUSD higher).This theme was reinforced by weaker… Continued

Forex Brokers in your location