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USD Index is in  pullback mode as we can see on the 4h chart, which appears to be only  temporary weakness. Keep in mind that because of that, five waves up from the May lows we believe that the uptrend will sooner or later continue.

USD Index 4h Elliott Wave Analysis

DXY 4h Elliott Wave Analysis June 2 2015 technical chart

If the greenback stays strong after any pullback, then EURUSD will remain weak. That said, on the hourly chart we are looking at an A-B-C recovery that is still incomplete. The recent price bounce from around 1.0880 where three waves down completed wave B, so we expect higher prices today, up into wave C that can stop at 1.1060 resistance. I would be interested to short EUR after this bounce.

EURUSD 1h Elliott Wave Analysis

DXY 4h Elliott Wave Analysis June 2 2015 technical chart

 

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