EURJPY
EURCHF
EURGBP
[B]Commentary[/B] – EURJPY risks continue weighed to the downside, with a strongly bearish trend and little stable support offering few opportunities for a meaningful rebound. The pair has previously bounced off of the 78.6% Fibonacci retracement of 149.19-167.77 bull wave near 153.20. Yet it has subsequently failed at previous support of the 61.8% retracement of the same wave at 156.30. A crossover on the daily MACD reinforces the bearish case.
[B]Strategy – [/B]Bearish, against 159.51, target TBD.
[B]Commentary[/B] – Outlook on the EURCHF is unsurprisingly similar to that of the EURJPY, with the medium-term trend remaining bearish on the previously popular carry trade pair. The EURCHF made a bounce off of previous spike-lows and trendline troughs at 152.12, but the pair has thus far proven incapable of clearing psychologically significant resistance at the 1.6200 mark. An imminent crossover on the MACD reinforces the bearish case.
[B]Strategy – [/B]Bearish against 1.6218, target TBD
[B]Questions about these or any other counts? Discuss Elliott wave counts on any pair at the DailyFX Elliott wave forum.[/B]
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[B]Commentary –[/B] The EURGBP remains trapped within a progressively narrow wedge formation, with a break through either side likely to decide the short-term direction of the pair. Given an otherwise bullish trend, a bullish break seems more likely. Yet a clear move through support would easily shift outlook and call for further losses on the EURGBP.