EURJPY Pattern FormationThis price has been forming a rising flag for the past few years (according to monthly and weekly timeframes) and I do except that the price will continue with the bearish momentum to complete pattern.
An analysis will follow using a shorter time frame to know the entry position.
Europairs
euro strength, dollar weakness forecast The euro was heavily fundamentally affected in recent weeks by war conflict, and USD remained the safe haven against the currency, bringing price back under 1.10.
Last week saw some corrective behaviour back to the upside on the lower time frames, breaking certain points of internal structure and then breaching swing points and hourly supply zones.
Interesting potentials for EU this week!
EURGBP - previous outlook How about that trendline - GBP is getting alot stronger with multiple lower highs and lower lows.
Currently the trendline is around 0.839 which has been rejected - Waiting for a long short here.
Bear in mind fundamentals can cause the trendline to be fakedout to the upside or further rejected.
Weekly - bearish
Daily - bearish
4 Hourly - bearish
We have been short, but unfortunately did not position hold on this one.
If you are one of the masters who did! We applaud you for maintaining such a good position.
11 September EURJPY Elliott wave forecastIt seems price is making a triangle pattern as the 4th wave of this impulse wave that started in April 2017. Once the pattern completes, we can expect price to rally further after the breakout. I will be looking forward to long this and take the full opportunity with a good R/R.
What do you think?