Euro Crosses Are Mixed

The EURGBP remains bearish but other Euro crosses have surged recently and may continue to do so.

EURGBP

There is no change to last week's analysis. '5 waves up from the January 2007 low at .6535 suggests that a large corrective decline is underway from .8187. The Fibonacci zone does not begin until .7556. The spike to .8033 yesterday may be the end of a small second wave. Ideally, price remains below there on its way for a break of .7750.'

EURCHF

'5 waves up from 1.5326 indicate that the longer term trend has turned up.' If the larger bullish bias is correct, then price must turn higher before 1.5314.

EURCAD

The advance from 1.3285 is not an impulse but could be wave C of a triangle. As such, the decline from 1.6324 should retrace a sizeable amount of the advance. The EURCAD reached the 50% today. The confluence of the 61.8% and 2/8 low in the 1.4400/50 zone is the next level of potential support.

EURAUD

The EURAUD exceeded 1.9 today to trade at its highest level this decade. The pair was as high as 1.9294 before closing near 1.88 (NY close). Allowing for corrections along the way, the EURAUD should test the all -time high (synthetic) at 2.0591 eventually.

EURNZD

The EURNZD is vulnerable weakness over the next few months to complete wave E of a triangle that began in 1992. The decline could be significant and retrace as much as half (or more) of the advance from 1.6326. Trading above the long term resistance line would warn of a long term bullish breakout.

DailyFX

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