Search ForexCrunch

The USD was down on Friday across the board, especially against the EUR, which rallied to 1.1350. However, the EUR gains may prove to be temporary. We are tracking a descending corrective price action with possible downward  swings. We are definitely interested in shorts, but we will wait for five waves of decline, before we can consider entries.

EURUSD 1h Elliott Wave Analysis
EURUSD I

At the same time, we need to keep an eye on the bullish head and shoulder pattern nearing completion as price trades around the lower parallel line taken from the left shoulder. This is a very powerful and bullish structure which confirms our bearish view on EUR.
USD Index 4h Elliott Wave Analysis

DXY 4h