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The US dollar was sold-off across the board on Friday, as metals found support. However, despite some weakness on the USD Index, we still see USD pairs as only trading in a corrective phase. On EURUSD there is a three wave recovery from 1.2355, so a leg from 1.2396 can be wave (c) as part of a wave 4. Notice that the price is already trying to turn down from the resistance line, so ideally we will see more weakness in the sessions ahead. I would personally like to see EURUSD back beneath 1.2470 for a possible short opportunity.

EURUSD 1h Elliott Wave Analysis November 17 2014 technical chart

EURUSD 1h Elliott Wave Analysis

NZD was one of the strongest currencies last week; it recovered with five waves against the USD, but we know that after every five waves a correction follows, so we may see some moves in the dollar’s favor at the start of the week. Ideally the pair will make a three wave retracement back to 0.7820 support.

NZDUSD Intraday Elliott Wave Analysis November 17 2014 technical chart

NZDUSD 4h Elliott Wave Analysis