Elliott waves of Euro ahead of FOMC

Gregor Horvat Wavetraders

Markets are slow ahead of the US rates decision and press conference where markets are pricing in 98% chance that FED will not change rates, so market mover can be only a Powell’s tone on a press conference. If he will start pointing on more rate cuts for next year, then DXY may fall, while hawkish tone may of-course help the buck to find some support. Technically speaking, I see bearish pattern for the USD, especially when looking at the intraday EURUSD structure where we see five waves up from 1.0980 followed by a three wave drop from the highs, so more upside can be coming. But as always a more complex correction is possible with failure moves, especially during important events like this one today. As such, real invalidation level of the euro bull move remains at 1.0980.

EUR/USD, 4h

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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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