EURNZD and EURGBP Intra-day Updates – Elliott wave

Intermediate

EURNZD is usually a perfect indicator for risk-on or risk-off sentiment. Currently it’s coming nicely higher as we expected two days back, ideally within wave »c« or »iii«, while stocks are in the sharp fall. So, if it stops here around 1.76 area and turns sharply down, then stocks would probably see a recovery and risk-on may continue, but any bigger rise towards 1.77 area would mean that EURNZD is in wave »iii« within risk-off mode which would push the stocks even lower.

EURNZD, 1h

eurnzd chart

EURGBP is turning up after a three-wave a-b-c pullback as expected, so be aware more gains back to highs towards 0.90 – 0.91 – 0.92 area, ideally within another five-wave bullish cycle.

EURGBP, 1h

eurgbp chart

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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