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

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