EUR/USD and USD/JPY itching for breakouts - Elliott Wave

EUR/USD and USD/JPY itching for breakouts – Elliott Wave

The FX market is slow and as one client said in our chat room, it may not be a bad idea to take a day off as price action can be slow until tomorrow’s FOMC statement. Well, pairs are still in corrective phase from where we expect a break in favor of the USD.

On EURUSD we see a slow and overlapping move higher within a trading channel which has the characteristics of a corrective price action. We are looking at a double zigzag with wave c) now underway to 1.2740 where bullish swings can be limited.

EURUSD 1h Elliott Wave Analysis

USD is also showing a bullish structure against the Japanese yen as decline from 108.30 unfolded only in three waves so far. In fact, there is an ending diagonal in wave c that occurs at the end of the move, so uptrend continuation may follow in sessions ahead. We expect a break above 108.30 in this week.

USDJPY 30min Elliott Wave Analysis

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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