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Elliott Wave Analysis: USD Index and EURUSD

USD Index is on the rise, now trading at a new high which puts some bullish pressure on USDJPY and bearish on EURUSD, while Cable, Aussie and New Zealand dollar are doing quite well at the moment. From a technical perspective, we see USD Index in a new impulsive bullish trend which is expected to continue higher, but corrections will occur. Currently we see the index in the late stages of an extended blue wave three which can see a temporary top near 101.50/60 area from where a new short-term pullback may show up. Same thing is for EURUSD, where an updated count shows the price in red wave v) of three, so some support can be seen in the near-term close to 1.0500.

USD Index, 1h

EURUSD, 1h

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!