EURJPY
EURCHF
EURGBP
Commentary - The dominant pattern remains the 3 wave decline from 168.94 to 149.25. Also, the rally from 149.25-167.64 is in 5 waves (if we allow for wave 5 to be truncated). Everything from 167.64 is a correction of the 5 wave rally from 149.25 to 167.64. The decline that began at 166.65 is likely the origin of wave C of the correction. Expectations are for the decline to end below 158.68. We wrote a few weeks ago “get bearish near 165.35, against 167.64, target 156.00”. This bearish bias remains intact.
Strategy – Bearish, move risk to 166.65 (from 167.64), target 156.00
Commentary – We wrote a few weeks ago that “wave c is underway now towards the 61.8% at 1.6625. The next level of resistance would be the 78.6% at 1.6713 and where c = a at 1.6739.” After blowing through the 61.8%, the EURCHF rally ended near the 78.6% at 1.6727. We maintain that this advance completes either larger wave B or 2. As such, expectations are for a decline to come under 1.6298 in wave C or 3.
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.
Strategy – Flat