Elliott Wave Analysis: USD Index, EUR/USD and GBP/USD

Gregor Horvat Wavetraders

Good morning traders!

As expected, Dollar Index is doing perfect, so be aware of a bigger three-wave a)-b)-c) recovery here back to around 96.50 – 96.70 resistance area, and from where downtrend may resume. At the same time we can expect a deeper a)-b)-c) correction on EURUSD, ideally down to around 1.1315 or maybe even 1.1270 support area, and something similar we may see on Cable, where a three-wave a)-b)-c) pullback can retest 1.2640 support level. That being said, watch out for more weakness on the US Dollar, but after that small corrective pullback.

USD Index, 1h

EURUSD, 1h

GBPUSD, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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