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The USD is mixed across the board: it is looking bearish against the AUD, bullish against CAD and GBP but sideways against the EUR. So basically the direction of the USD is sideways, and usually it means that the FX market is in a corrective phase.

On EURUSD we showed you two wave counts yesterday, both corrective which means that sooner or later the pair should get back to the bearish track. Well, today we have seen a nice bounce from around 1.2425 that can actually be the end of a wave e) of the (b) triangle, so ideally we will see a wave (c) rally up to the 1.2520-1.2560   resistance area. If we are correct, then EURUSD should turn south next week.

EURUSD 1h Elliott Wave Analysis

eurusd November 14 2014 technical Elliott Wave analysis for currency trading charts

GBPUSD is in an impulsive fall this week and it looks like there is room for more downside as the decline from 1.5945 is still not in five waves. We see wave (iv) now in play that can make a pullback to 1.5700-1.5720 resistance before downtrend resumes.

GBPUSD 1h Elliott Wave Analysis

gbpusd November 14 2014 technical Elliott Wave analysis for currency trading charts