The FX market is slow as USD trades sideways, probably within wave four as shown on the USD index chart below where we see an idea of a triangle pattern. That’s a continuation structure that can lift prices up to around 96.20 in the sessions ahead.
Elliott Wave Analysis – USD Index 1h
If the USD index continues higher, then EURUSD is expected to reach new lows as well. On the hourly chart of EURUSD we see a double zigzag unfolding in wave (b) that can be looking for resistance around 1.1250/1.1270 area later today, so be aware of a bearish turn.
Elliott Wave Analysis – EURUSD 1h