EURJPY
EURCHF
EURGBP
[B]Commentary [/B]– We wrote last week that “if a longer term EURJPY decline is underway, then the pair is about to enter one of the strongest points of the decline; which is wave iii of 3 of C.” The EURJPY decline may be ready to accelerate in wave iii of 3 of C. A break of 158.67 would instill confidence in the bear side and price must remain below 163.40 in order for the bearish bias to remain intact.
[B] Strategy[/B] – Bearish, against 163.40, target 148.20
[B]Commentary[/B] – We wrote last week that “the EURCHF is in wave 5 down within a 5 wave bearish cycle from 1.6827. This 5th wave may be close to complete; wave 5 would equal wave 1 at 1.6292.” The pair bounced from 1.6298 on Friday. Expect a bounce to challenge 1.6490 (11/14) high. Resistance should also be strong near the 200 day SMA at 1.6459.
[B] Strategy[/B] – Flat
[B]Commentary [/B]– We wrote last week that “the rally from .6535 is in wave 3 and could possibly challenge the 161.8% extension of .6535-.6867/6679 at .7216 before a setback in wave 4.” The EURGBP hit .7215 yesterday before coming off slightly. Wave 3 still does not look complete. Look for support near .7121. A new high is expected before the larger correction in wave 4 is expected.
[B] Strategy[/B] – Flat
[B]Written By Jamie Saettele, Currency Analyst for DailyFx.com[/B]