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US stock market closed very weak yesterday as prices reversed from its daily highs in the second part of trading session. However, this did not confuse some of the Asian stocks, NIKKEI, HIS and China which all trade in the green territory.   As such, current downtrend on the US dollar will likely continue through the next few sessions, especially against the Eur, as Eur/Usd moved into a new two week high.

eur usd elliot wave December 14Guest post by  Gregor Horvat

On the chart below we can see that Eur/Usd broke above 1.3430 region which confirms a bullish count with wave 2 corrective pull-back in place at 1.3180 region. We anticipate further upside in coming sessions and days, towards 1.3600/50 Fibonacci target region. Any three wave retrace within this uptrend should offer a long opportunity, while pair trades above 1.3180 new critical support zone!

This article is update from our video outlook published on Sunday here

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