EURJPY
EURCHF
EURGBP
Commentary - Last week, we wrote that “the rally from 160.46 may be the beginning of wave 5 within the 5 wave cycle from 149.29. A push above 167.73 would satisfy minimum expectations for the rally and a push through 168.94 may complete an even larger rally.” We maintain a bullish bias as the decline from 167.25 is wave iv within the 5 wave rally from 160.46. A push through 168.94 would satisfy minimum expectations for the end of the advance.
Strategy – Remain bullish, move risk to 163.95 (from 161.70), target 168.94
Commentary – Last week we wrote that “a rally is expected to exceed 1.6827 in order to complete the advance from 1.6175.” The wave 4 correction is still underway, so a triangle or flat may be unfolding. In the case of the triangle, price will remain above 1.6631 before the rally through 1.6827 completes the larger advance. In the case of the flat, price will drop just below 1.6631 before a rally through 1.6827.
Strategy – Flat
Commentary – It appears that the EURGBP is also in a 4th wave correction. The interpretation is the same as for the EURCHF. That is, either a triangle or flat is unfolding from the .7027 high. The bias remains bullish as long as price is above .6826.
Strategy – Remain bullish, against .6826, target is just above .7027