Elliott Wave Analysis On EURUSD And EURJPY

Gregor Horvat

EURUSD: Traders, we have some first signs of a continuation higher on EURUSD after price made an overlap with 1.0882 which invalidates any bearish impulse down from 1.0970 high. As such, we are even more confident that decline is corrective and ideally it was wave E, final leg within a big triangle that can send prices higher this week. Today at 16.00GMT ECB President Draghi will have speech, so if price will stay in bullish mode after that, then we may consider entries on a pullback. We will track it very closely! Any break beneath 1.0770 will invalidate our bullish bias.

EURUSD 1 Hour Chart

EURUSD 1 Hour Chart

EURJPY

Another pair that is very interesting from a bullish EUR perspective is EURJPY which we already posted last week and highlighted a potential important bullish turn. Break out of an ending diagonal still did not occur, so we need to be patient but we would still be interested in longs on a pullback if wave 3 will extend to higher levels, to around 133/134.

EURJPY Daily, 4 Hour Chart

EURJPY Daily, 4 Hour Chart

Source: www.ew-forecast.com

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