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More USD strength after the NFP? Elliott Wave Analysis

After another positive  day for the USD yesterday, the markets are now slowing down ahead of the important Non-Farm Payrolls  report. Based on the sharp decline on EURUSD and GBPUSD, as well as USDCHF we would not be surprised to see further strength of USD after NFP report.

The sharp, 230 pip decline on EURUSD in the last 24 hours must be a wave iii) in action that can reach levels around 1.2890 in the next session or two. Once wave iii) is done, we will keep an eye wave iv) bounce and then on a new leg down. 1.3108 is now a critical level. As long this one will stay in, the EURUSD remains in bearish mode.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis September 5 2014 after ECB before NFP

Yesterday USDJPY hit a new high which we see it as a fifth wave of an impulsive rally from 103.53. We know that after five waves correction follows, so be aware of a new downward corrective reversal. A divergence on RSI also suggests that upside is limited.

USDJPY 1h Elliott Wave Analysis  

USDJPY Elliott Wave Analysis September 5 2014 after ECB before NFP

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!