Elliott Wave Analysis: EURGBP and EURJPY
On the 4h chart of EURGBP we see a nice bearish price action unfolding down from 0.8851 which is expected to continue after recent three wave bounce to 0.8640, labeled as wave 2). If we are correct, then we know that strong bearish move with accelerating price move is around the corner, especially as third waves are normally the strongest. At the moment we see price trading nicely lower, away from our black wave 2 correction, that found a top around the 0.8592 level. More weakness is expected to follow on the pair.
EURGBP, 4H
EURJPY
Regarding the EURJPY we see price trading in a more complex pattern, know also as a double zig-zag correction, that may have already found a bottom, around the former swing lows at the 118.538-118.714 level. If that is the case, then more upside may follow from current levels, but if price continues to drop, then this bigger corrective move is still in play.
EURJPY, 4H
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