EURUSD and USD Index Intra-day Movement – Elliott wave Analysis

Intermediate

EURUSD is sharply dropping, down from 1.122 swing high which can be labelled as a sub-wave 5 of one, with possible support region around the 1.1180 region (Fibonacci ratios of 423.6 and 138.2 can react as support), from where a temporary three-wave pullback may follow. A sharp rally from the lows would be an indication that pair found a temporary low, and that wave ii is unfolding.

EURUSD, 1h

eurusd

USD index at the same time is looking to the upside, ideally unfolding final stages of a higher degree wave three here at 97.85 region, from where a three-wave pullback as wave iv may follow. This upcoming correction can later look for support at the 97.48 level, from where final wave v may follow. That being said, a deeper correction would suggest a corrective wave ii instead of iv to be in play.

USD Index, 1h

usd index

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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