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Friday, June 1, 2012

Elliott wave analysis on EUR/USD; USD/JPY and EUR/JPY


 EUR/USD - As can be seen on the upper chart the break below support at 1.2625 was of major importance. The uptrend back from 2001 was broken for the first time in 11 years. The next support major support is at 1.1875, which was the 2010 low.
Zooming in on the short term moves we are now every close to my target-area for blue wave 3, which is in the 1.2235 - 1.2285 area. I do expect a correction towards the 1.25 area in blue wave 4, but as I have stated before be careful as we are in wave three down and corrections tend to be short and shallow.
 USD/JPY - Is continuing to push lower and a even broken below 78.33, which extends the downside target to 77.58 before wave 2 down is done.
Short term we have support at 78.14 and again near 78.06, which I expect will cause a minor reaction back towards 78.24 before down to 77.78 as the next minor downside target.

EUR/JPY - With the break below 97.01 invalidated my count and has forced me back to the drawing board. The count presented above is my best fit after the break below 97.01. This new count showing that we are in the last leg down of an ending diagonal,calls for a continuation down towards 93.90.
Looking at the 4 hour chart the decline from 111.43 does look very impulsive, which has me to believe, that we are in the C-leg of wave 5 of the ending diagonal, but for now focus has shifted to the downside after the break below 97.01.

2 comments:

  1. Hi EWS,

    do me a favor. where can i found us dollar index chart to analysis (like mt4 or whatever it is)? it's really important to me. waiting 4 ur answer.

    4xhunters

    ReplyDelete
  2. Hi 4Xhunter,

    You can find a free USD-Index chart of FreeStockCharts.com under the symbol DXYO.

    Regards
    EWS

    ReplyDelete