EURUSD, USDJPY, EURJPY -I do these three currency pairs because they represent a cross section of the market as a whole – all matching up to possible opportunities on Wild Card, 6 Aces and Royal Flushes (Trending and Elliott Wave) and they represent correlating other currencies.
Example: due to it’s very close correlation the EURUSD will show you what the USDCHF will possibly do going the other way!
This way whatever trader you are you have an idea of what the possibilities might be.
REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
SPECIAL NOTE:
Greece creating huge pressure on the EURO
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: I wrote last week: look to take out the targets 1.3731 then 1.3594. Did EXACTLY that.
Two scenarios:
1) We are forming a head and shoulders pattern for a move back up. If so will look for a move initially to the 1.3806 area. Nice set of twins on the 240 chart.
2) We will have a pullback to the 1.3681 area and then go south again. If this one targets remain at 1.3312 (Fibos)
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USDJPY
WHAT I SEE: – I wrote last week: UJ stuck in a wide channel and at the bottom. Should see a correction at this level perhaps back to the .618 fibo shown at 90.41 and then we’ll see what legs it has.
It stopped exactly on the .618 Fibo. This is looking more and more like a bear flag so would expect a return to the bottom and the 88.33 area ( 0.270 extension and .382 of the big move) or a return to the top. Let the charts be the boss and tell you!
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – I wrote last week: Should see a breakout of … This is a really long down ride but we are still potentially only in Wave 3 on the Day chart -so watch for a pullback . Look for sellers at the 124.60 ( HSI S7 Area) with a target at support at 119.78 and 118.50 ( HSI S8).
Did exactly that. We are in a descending wedge so would expect a move again to start wave 5 to the 118.43 (S8) area and maybe the 117.11. Would expect a short movement up to the wall first.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
BTW – if you want to save the pics, right click and hit “save as”.
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. This is an opinion ONLY – and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.
