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EURUSD moved higher yesterday, above 12455 which was needed for a five wave advance from the lows. As such, we believe that EURUSD has found a temporary low and the that larger three wave recovery is on the cards, but after a corrective set-back is complete. We are looking now at potential retracement back to the former wave four, near 1.2360 where the pair could be looking for a support.

EURUSD 1h Elliott Wave Analysis

EURUSD Elliott Wave Analysis December 11 2014 technical outlook for currency trading forex

USD also turned down against JPY in this week with room for more weakness that will likely occur next week. At the moment, we see a completed five wave fall from 121.84. So, a three wave retracement could be headed up to 119.90-120.14 resistance.

USDJPY 1h Elliott Wave Analysis

USDJPY Elliott Wave Analysis December 11 2014 technical outlook for currency trading forex