EURUSD and EURJPY Update

Intermediate

Today markets are going to be interesting and volatile as we are awaiting ECB rate decision and press conference and then BOC Gov Poloz speech.

Technically speaking, dollar remains mixed, really unclear direction on AUDUSD, USDCHF and GBPUSD, while we see some kind of a clear bullish structure on EURUSD pair, while USDCAD is pointing up. So no clear direction about the buck at the moment so we will stick with pairs that have clear structures.

The first one is EURUSD which remains in uptrend and can see a new high as current slow price structure above 1.2380 looks like a correction or pause within uptrend. There is a chance that price will shot up into a fifth wave towards 1.2480.

EURUSD, 1h

intraday eurusd

Another bullish euro pair is EURJPY after that five wave bounce from the low, so more upside is expected after a three wave set-back that may not be over yet. Support of interest is around 130.58. I would even dare to play on the long side here if we get a reaction from that zone, but after ECB of-course.

EURJPY, 1h

intraday eurjpy

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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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