In yesterdays intra-day video (for members) we were talking about possible larger pull-back on the EUR/USD up in wave 2. Well, we can see a push above hourly resistance line of an EW channel which suggests higher prices or maybe sideways move if correction will be smaller in price, but longer in time. But in either case we think that a move from below 1.3000 is corrective and that sooner or later the downtrend will resume. Ideal resistance zone for current bounce is at 1.3150-1.3200.
EUR/USD 1h
During the Asian session we have seen higher Nikkei futures that caused a push higher on USD/JPY pair. Prices are now approaching 99.00 level but based on the updated chart we see room for 100 psycho level, especially if we also consider that we need five waves within wave C from 97.00. So for now USD/JPY remains in uptrend but we expect a bearish reversal in the next few trading days, probably early next week.
USD/JPY 1h
Nikkei and USD/JPY has normally positive correlation so if USD/JPY will turn bearish, Nikkei will probably follow. In fact, on Nikkie we see a three wave rise from June low, now wave wave C approaching resistance around 14000.
Nikkie 4h
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EUR/USD, USD/JPY, NIKKEI 225: Push Higher
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