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EUR/USD and USD/JPY pre NFP Elliott Wave Analysis

The FX market is not moving much ahead of the highly anticipated US NFP report today at 12:30GMT; expectations are 231K, and a good number will just support the current USD move even more. If the number is bad, then we may see some correction in favor of EUR, CHF, AUD and others but only for a short-period of time. The trend is clearly in the direction of a bullish USD and I am not expecting any change here.

On the EURUSD intraday chart I see a sideways move that is most-likely a wave four that can be a triangle. As such, we expect another low; a move down in wave v to complete wave v) of a higher degree around the 1.3300 figure. If our count is correct, then maybe we will see a spike down and then a reversal up after the NFP figures.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis towards the Non-Farm Payrolls August 1 2014

USDPY is also looking bullish ahead of the report, as we also see here a triangle as well pointing to 103.15.

USDJPY 1h Elliott Wave Analysis

USDJPY August 1 2014 Elliott Wave Analysis towards the Non-Farm Payrolls

 

See how to trade the NFP with EUR/USD

Gregor Horvat

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!