Good data from the euro-area sent the EURUSD away from the lows, but other currencies are still under pressure, such as GBP and JPY while AUDUSD is sideways. Today we decided to look at the USD Index and not EURUSD. The reason is a clear wave structure. Note that the rally from 84.76 was made in five waves, so actually a bounce on EUR and sell-off on DXY makes sense at this moment, as we expect three wave moves. Ideally, the USD index will return back to 85.50 minimum before bouncing higher again. USD Index 30min Elliott Wave Analysis USD is also bullish against the JPY because of higher European shares and a lower bund market. On USDJPY there is a possibility that the pair will break up into wave three towards 108.00 by the end of the week, but 107.12 must hold then. The reason for the wave-three bullish view on USDJPY is also the German DAX that is now back at the highs after the recent three wave decline that can be wave ii), so the price can even go back to 9150-9200 in the days ahead. DAX 30min Elliott Wave Analysis Gregor Horvat Gregor Horvat 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! View All Post By Gregor Horvat Forex News Today: Daily Trading News share Read Next Canadian dollar lifted by the BoC; How To Position? – Yohay Elam 7 years Good data from the euro-area sent the EURUSD away from the lows, but other currencies are still under pressure, such as GBP and JPY while AUDUSD is sideways. Today we decided to look at the USD Index and not EURUSD. The reason is a clear wave structure. Note that the rally from 84.76 was made in five waves, so actually a bounce on EUR and sell-off on DXY makes sense at this moment, as we expect three wave moves. Ideally, the USD index will return back to 85.50 minimum before bouncing higher again. USD Index 30min Elliott Wave Analysis USD… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
