Elliott Wave Morning Review For EURUSD, GBUSD & USDJPY
The USD moved sharply to the upside on Friday after better than expected NFP figures, but some of those waves are now reversing. We can see some recovery on EUR, GBP, AUD and others but this may be just a short-term swing, a correction within downtrend.
On EURUSD we are looking at extended red wave 3) that can reach lower levels early this week, possibly near 1.0780 if we consider that current sharp rally can be wave 4. Resistance is seen near 1.0900 from where new sell-off could occur.
EURUSD 30min Elliott Wave Analysis
GBPUSD is also recovering but not for long as we see just another correction within ongoing downtrend. We are tracking wave 4 now that is expected to stop somewhere between 23-38.2% Fibonacci retracement levels from where new leg down could show up, Wave 4 if 3) can be targeting 1.5000 this week.
GBPUSD 1h Elliott Wave Analysis
USDJPY also broke out of the range on Friday and finished the week well above 120.46 swing so we assume that bulls could reach much higher levels this week. We see room for 121.70.
USDJPY 1h Elliott Wave Analysis
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