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The USD is rallying this morning on Draghi’s comments. The ECB president says that they will seek to raise inflation as fast as possible, that the economic situation remains difficult and that a stronger recovery is unlikely in coming months.

EURUSD is down, currently around 1.2460 as USD Index turns up towards 88.00. Based on the USD Index chart, we see room for plenty of gains in the sessions ahead, which will pressure down the EUR. We see bullish swings now in progress as long as 87.45 support holds.

USD Index 1h Elliott Wave Analysis

US dollar index November 21 2014 technical Elliott Wave Analysis for currency trading

USD is also showing a bullish pattern against the Pound after recently having completed a three wave rally at 1.5735, followed by a channel break that can put bearish swings in play.

GBPUSD 1h Elliott Wave Analysis

GBP USD November 21 2014 technical Elliott Wave Analysis for currency trading