Euro Crosses are Mixed

EURGBP

Either a triangle or flat is unfolding as wave 4 within the 5 wave advance from .6535. In the case of a flat, a new high is possible (above .8097) before the drop in wave c of 4 ends below .7766 and possibly near .7612. In the case of the triangle, we'll see more range trading before a thrust higher in wave 5 completes the entire advance from .6535. The next good opportunity will come when wave 5 begins. It is best to stand aside for now and let this correction unfold.

EURCHF

The 1.5326-1.6376 rally is in 5 waves, therefore expectations are for a similar 5 wave rally to succeed the corrective decline from 1.6376. The pair has already come into the first support area; the 4th wave of one less degree at 1.6066. The Fibo support zone is 1.5728-1.5975.

EURCAD

Last week, we wrote that "A 3 wave correction is likely complete at 1.5278. The next bull leg is expected to exceed 1.6324." The EURCAD has vaulted higher as expected and there is no change to the call for a push through 1.6324. Near term support is at 1.5835.

EURAUD

Trend is considered bullish as long as price is above 1.5919. Since 1.5491, advances have unfolded in 5 waves and declines in 3 waves (the drop from 1.7426 is in 5 waves but is a C wave that completes a flat correction). As long as the EURAUD is above 1.5919, there is longer term potential for the pair to exceed 1.75.

EURNZD

We wrote last week that "the EURNZD is expected to eventually exceed 2.1187. Bulls should keep risk to 1.9582." Last week's rally inspires confidence in the call for a push through 2.1187. Risk can be moved to 1.9703 now (last week's low).

TREND ANALYSIS is based on a rolling pivot model. LONG TERM TREND is determined by the last 3 months of price data (high, low, close). SHORT TERM TREND is determined by the last 4 weeks of price data (high, low, close). R3, R2, R1, PL, PH, S1, S2, and S3 are provided to aid in identifying entries and exits. These are objective measures and our subjective analysis (STRATEGY) may differ.

DailyFX

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