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

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

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