EURJPY
EURCHF
EURGBP
Commentary - Last week we wrote that “expectations are for the decline to end below 158.68.” To see the longer term picture, see last week’s analysis. Near term, the decline from 166.65 is in 5 waves and a corrective rally is underway now. Minimum expectations are for a rally through 161.68 (origin of a). As the pattern unfolds, we will have a better idea of where to get bearish. [B]Updates to the EURJPY count will be posted at the Elliott Wave forum.[/B]
Strategy – Exit bearish position, looking to return as bears after a rally through 161.68
Commentary – We wrote last week that “expectations are for a decline to come under 1.6298 in wave C or 3.” The EURCHF is getting close to our target as the pair dropped to 1.6323 last week. Near term, expect a corrective rally in the 4th wave position to end near the 38.2% of 1.6687-1.6323 at 1.6462 (also former congestion area).
Strategy – Flat
Commentary – The EURGBP rally has extended in larger wave 3 (within the 5 wave rally from .6535). The pair trades at an all-time high so there is nothing to go on as far as chart resistance is concerned. The form of the advance indicates that the EURGBP is likely to consolidate before making a new high (this would make 13 waves higher….and impulse waves are in 5, 9, 13, or 17, etc.). A corrective 4th wave would follow and likely last a few months --taking the pair back towards .7100-.7200 before a rally to complete the entire rally from .6535 in wave 5.
Strategy – Flat