EUR/USD - As I wrote in my previous post earlier today, we should expect one last rally higher from 1.2754 towards strong resistance in the 1.2872 - 1.2882 area. However it will take a break above 1.3004 to eliminate the bearish count, that I have worked with since March. As long as 1.3004 hasn't been broken I will keep my bearish count as the preferred count, but I must say that the bearish picture has lost some momentum after the clear break above 1.2650.
USD/JPY - Is this a reason to be concerned with the preferred bearish count for EUR/USD? We have had a clear break down from a triangle here and this does call for a continuation down towards at least 75.99 and possibly even lower.
EUR/JPY - Here I'm still looking for one last move higher towards 100.60 to end red wave 5 and black wave 3. Once we have a top in place for black wave 3 we should see a correction towards 98.40 and likely even 97.72 before we will see the bottom of black wave 4 setting the stage for black wave 5 higher. But it's time to begin focusing on the downside here.
EUR/NZD - We have seen a perfect correction down to 1.5667 and should now see the next rally higher towards 1.5945 and ideally a move towards 1.6200 before the first impulsive rally from 1.4968 is over.
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