EURUSD And GBPJPY Could Face Resistance – Elliott Wave Analysis

on Dec 2, 2013


EUR/USD – higher time frame channel line is now acting as resistance. We are waiting for signs of a top of wave C. It is worth keeping an eye on these higher time frame channels. If a trade is not working out as planned it may be due to a channel line on a higher time frame. It has happened to me very often until I realized that on the 4 h chart and above, the channel lines can act as either very strong support or resistance.
EURUSD 4h Elliott Wave Analysis

The GBP/JPY cross on a weekly chart is shown here. It is useful to sometimes look at the bigger picture. It appears that there is not much room for upside movement. 
GBPJPY Weekly Elliott Wave Analysis


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