Elliott wave: EURUSD Looking Higher, while USD Index Breaching lower

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Dovish Fed minutes yesterday send USD down across the board while stocks were mostly sideways, as most of the traders were already way due to Thanksgiving Day in the US and in Japan. US markets are closed!

We have seen a nice push down on USD Index after an A-B-C recovery, which has now room for 92.40. This caused an opposite move on EURUSD.

USD Index, 1H

So far EURUSD looks good as the pair can be making an impulsive rise from 1.1712 which has room for 1.19 and even higher levels based on higher time frame cycles.

EURUSD, 1H

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About Author

Grega Horvat
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, 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 www.ew-forecast.com 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.
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