Elliott Wave Analysis On GBPJPY And EURUSD

Gregor Horvat

US trading is about to begin in a few minutes. GBPJPY fell from our indicated levels since we recognized wave B flat pattern. Now we are already in the latest stages of the wave C to lower levels. We expect one more minor corrective pullback in wave C with resistance near 159.90 levels and afterwards a continuation to around 156.80-90 where support for wave C can be found and a possible turning point can occur.

GBPJPY 4 Hour Chart

GBPJPY 4 Hour Chart

EURUSD is still trading to the upside, now possibly in wave v-circled, if we include the possiblity of wave iv-circled being already over, as a flat correction. That said price will ideally continue to the upside in blue wave v of C, possible to around 1.146-1.150 region, where 200. fibo. projection ratio, can indicate end of wave C and a reversal into lower levels.
Break beneath 1.133 level would be the first sing for completion of wave C and more bearish levels to follow. We think that upside on EURUSD can be limited on the short term.

EURUSD 1 Hour Chart

EURUSD 1 Hour Chart

Source: www.ew-forecast.com

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