[B]EURJPY
EURCHF
EURGBP[/B]
[B]
Commentary [/B]- We wrote last week that “the EURJPY is expected to push through 164.31 in order to complete larger B of an A-B-C from 167.64. 165.36 is potential resistance (100% ext. of 159.36-163.82/160.90).” The EURJPY reversed at 165.30 last week and we contend that the EURJPY is working lower to complete wave C within the A-B-C from 167.64. Minimum expectations are for the decline to come under 158.68. Support should be solid at the 61.8% of 149.25-167.64 at 156.27.
[B]Strategy [/B]– Bearish, move risk to 165.29, (from 167.64), target 156.50
[B]Commentary [/B]– We wrote last week that “wave c takes the EURCHF to at least 1.6625 (61.8% of previous decline) and maybe 1.6713 (78.6%). The next level of resistance would be the 78.6% at 1.6713 and where c = a at 1.6739.” Wave C appears to have ended at 1.6727 and the next bearish leg is underway, towards below1.6298. This decline should span at least a month and maybe more.
[B]Strategy[/B] – Flat
[B]
Commentary[/B] – We wrote last week that “a larger correction (wave 4 within the 5 wave bull from .6535) is underway now and could eventually test .7088. Expect a range bound EURGBP over the next few months.” There is no change to the outlook for wave 4 of the correction to continue. The 38.2% retrace level of wave 3 at .7026 should provide decent support in a few weeks.
[B]Strategy[/B] – Flat
