Elliott wave Analysis: EURUSD, USDJPY and Nikkei225 Intra-day Developments

Intermediate

We see some serious and very strong dollar move at the start of a new trading week. EUR/USD just went below August 2018 levels quite aggressively which seems like an important break-down, but until we see a close below that price it can be too soon to call that a breakdown! Also, an intraday chart shows pair in a fifth wave of decline which may see limited weakness here at 1.1200-1.1250.

EURUSD, 1h

intraday eurusd

At the same time, we see also USDJPY hitting an important resistance level here around 114.00. It will be interesting to see if bears can take over from here as an ending diagonal can be coming to an end. A decline below 113.60 would be quite interesting. Nikkei is also looking south at least for the short-term towards 21700 which may drag USDJPY down as well.

USDJPY, 1h

intraday usdjpy

Nikkei, 1h

intraday nikkei

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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