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USD has room for more gains against EUR and GBP:

The USD is rallying this morning on Draghi’s comments. The ECB president says that they will seek to raise inflation as fast as possible, that the economic situation remains difficult and that a stronger recovery is unlikely in coming months.

EURUSD is down, currently around 1.2460 as USD Index turns up towards 88.00. Based on the USD Index chart, we see room for plenty of gains in the sessions ahead, which will pressure down the EUR. We see bullish swings now in progress as long as 87.45 support holds.

USD Index 1h Elliott Wave Analysis

US dollar index November 21 2014 technical Elliott Wave Analysis for currency trading

USD is also showing a bullish pattern against the Pound after recently having completed a three wave rally at 1.5735, followed by a channel break that can put bearish swings in play.

GBPUSD 1h Elliott Wave Analysis

GBP USD November 21 2014 technical Elliott Wave Analysis for currency trading

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!