EURUSD, Dax and USDJPY Elliot Wave Analysis updates

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Good morning traders!

We can see a nice leg up on EURUSD, following our bullish path that we highlighted on Monday after an a-b-c decline down to 1.1739. It was a temporary pullback which is now almost fully retraced as we are tracking wave c) that still for a rally towards 1.1880 zone.

EURUSD, 1h

While EURUSD is on the way up this week, there is a chance that DAX will come even lower after that nice bearish turn yesterday from 13340 area, about we talked at the start of the week, when highlighted that gap still has to be filled. Well, notice that gap was later filled with current wave one, so be aware of temporary pullback that may show up as corrective wave two.

If stocks really will come under pressure and maybe DAX underway to Dec 01 low, then we can expect USDJPY to see limited upside as well. Currently, there is a three wave recovery into a nice 113.00/30 resistance; a drop from here back to 112.60 would be nice evidence for weaker prices.

German dax, 1h

USDJPY, 1h

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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!

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