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Thursday, December 6, 2012

Elliott Wave Analysis of EUR/USD and EUR/JPY

 
 
EUR/USD
 
I'm looking for a small correction towards 1.3023, before the next rally higher towards at least 1.3362, where the ongoing C-wave will be 61.8% the length of wave A. However, we should expect equality in length between wave A and C, which means a rally higher to 1.3790.
 
 
 EUR/JPY

From the 107.96 high we saw a deeper than expected correction yesterday. This deep correction could change my short term count slightly, if prices manage to break below 106.93. A break below 106.93 will move the top of minor wave i of iii to 107.96 and not where I have marked it at 107.67. A break below 106.93 could mean a slightly deeper correction towards 106.62 and maybe even 106.30, before the next rally is ready to take off towards the minor targets at 107.96 and 108.89. However, longer term I'm still expecting much higher levels to be seen.






7 comments:

  1. I think he is waiting for NFP to arrive because eur/yen is holding 106.30 area was a deeper correction which he mentioned now look for a break above 107.20 I will buy it for the target he mentioned.

    Rest let see how it unfolds I am way till it really get exhausted because we are sitting at 78.6 fibo level from the top to bottom of wave 1

    Regards

    ReplyDelete
  2. Hi Zink and Aman,

    Sorry I didn't update this morning, but I just didn't have the time to do.

    Will update during the North American trading hours.

    Kind regards
    EWS

    ReplyDelete
  3. EurUsd drop too heavy in short time period!!!
    Do you think it will reach that targets (above 1,32)?

    ReplyDelete
  4. Hi Zink

    Yes I still think we will reach the 1.32 handle.

    I think we are in a deep wave iv correction, which could reache 1.2850, but once it's over I expect a new rally.

    It will take a break below 1.2802 (overlap of wave i) to invalidate the bullish count.

    Kind regards
    EWS

    ReplyDelete
  5. Hi Zink,

    I'have just updated EUR/JPY on the blog.


    Kind regards
    EWS

    ReplyDelete