Dollar could Turn Bullish on EURO and JPY - Elliott

Dollar could Turn Bullish on EURO and JPY – Elliott

EURUSD is trading higher for the last 24 hours, as a result, we adjusted the wave count, but can still expect more of the same; We see a temporary corrective move from Sep 22^nd, which may be wave (2), meaning we could still expect bearish moves later on this week. We see a nice resistance coming around the 1.1300-1.13040 area, where upside can be limited in current wave C.

EURUSD, 1H

USDJPY moved down as EURUSD found some support, while stocks were trading lower, but even USDJPY still shows a bullish count as the big triangle can be in final stages. Price action already touched the trend line so ideally an uptrend will continue from here. A rise above 120.50 would be a nice indication for the bullish waves in progress.

USDJPY, 1H

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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