Euro Crosses Could Roll Over Soon


EURJPY – The EURJPY rally has extended past the 3/12 high at 155.75 so focus is now on 157.72. This is where the rally from 152.66 will equal the 150.74-155.75 rally. A rally to 157.72 would possibly complete a 3 wave correction of the 159.68-150.74 decline and give way to a similar decline. The short term bullish scenario remains intact as long as the 3/19 low at 154.76 remains solid.

EURCHF – The EURCHF may be rolling over. There are 5 waves down from 1.6295 to 1.5957 and 3 waves up to 1.6198. The current rally from 1.6025 has retraced to the 61.8% Fibonacci level of the 1.6198-1.6025 decline in 3 waves. At this point, rallies are looking corrective and declines impulsive. Price must remain below 1.6198 for the bearish outlook to remain at the forefront. Coming under 1.6025 would favor a test of 1.5931.

EURGBP – We are still looking for “a 4th wave correction to unfold soon and give way to another thrust higher.” There are 5 waves up from .6536, so we should see a larger correction down in 3 waves to test the 3/11 low at .6768. The confluence of the 50% / 2/23 low at .6703 should be very strong support. The long term trend has turned and now favors bulls.