EURGBP
EURGBP made a turn with small five waves up, labeled as wave a), so more upside can be seen after a wave b) set-back. But keep in mind that a higher degree trend is down still, so any bounce in three waves can be temporary and part of a bearish structure.
EURGBP, 1H
EURJPY
Even EURJPY which has been very weak recently is turning up now, firstly with three waves that are expected to reach former wave four near 120.30 minimum, but then we may even see much higher extensions in an impulsive fashion if we consider the possibility of a big completed corrective set-back at the recent low. I like the pattern on this one, but mid-term bearish view for EURUSD is what concerns me. Another thing is that we see stocks with limited upside as DAX can be headed up for a fifth wave, so once a larger correction on stocks will begin that’s when JPY can benefit.
EURJPY, 1H
