Elliott Wave Analysis: EURJPY Aiming For 113


EURJPY is below the hourly trendline as price keeps falling since market completed a three wave correction at 116.07 that can represent a completed triangle on bigger time frame chart. As such, it’s not a surprise that leg down from 115.43 can be extended since we are expecting a five wave decline where usually wave three is the strongest. We are talking about red wave iii) that can be headed down to 113.00 area where some support can be seen for a short-term bounce up into red wave four.

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.