Euro Crosses Test Support
EURGBP
Expect the EURGBP to reach the former 4th wave congestion zone (.7391-.7612) over the next few weeks. Near term, the advance from .7766 is wave B in the A-B-C decline from .8097. A push above .8034 would suggest that a triangle is unfolding since the .8097 high.
EURCHF
We wrote last time that “the advance from 1.5326 is in 5 waves, indicating that a 3 wave correction is expected in the coming week. Another 5 wave advance is then expected. What does this mean for the larger pattern? With a larger bull move now expected, the decline from 1.6827 is treated as wave C of an A-B-C expanded flat.” The correction is unfolding as expected. There is potential support from the 5/9 low at 1.6066. The Fibo support zone is 1.5975/1.5727.
EURCAD
A 3 wave correction is likely complete at 1.5278. The next bull leg is expected to exceed 1.6324. Near term, 1.5500/50 should serve as support and price ideally remains above 1.5426.
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
The EURNZD is expected to eventually exceed 2.1187. Bulls should keep risk to 1.9582. Coming below would likely see the pair test support in the 1.8960-1.9237 zone, which would present an opportunity to align with the bullish trend at a lower price.
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
Disclaimer
Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.
|
