EURJPY
EURCHF
EURGBP
Commentary - Due to the fact that the EURJPY decline to 160.46 unfolded in 3 waves, the trend remains up. 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.
Strategy – Bullish now, against 161.70, target TBD
Commentary – Last week we wrote that “a rally is expected to exceed 1.6827 in order to complete the advance from 1.6175.” With price at 1.6794, the objective is close. Wave 5 (from 1.6175) is in its own wave 3 right now and the 161.8% extension is at 1.6844. A rally to these levels bears watching for a reversal.
Strategy – Flat
Commentary – We maintain that the EURGBP is working its way higher, ultimately to a new high above .7200. Currently, the rally is in its 5th wave within the 5 wave bull cycle from .6679 and price should print above .7027 before a substantial setback occurs (back to at least .6900).
Strategy – Remain bullish, against .6893, target .7027