EUR/USD and gold Elliott Wave analysis ahead of FOMC

Gregor Horvat Wavetraders

USD is moving slightly lower today, ahead of the important FOMC press conference. Stocks slowed down ahead of the even but it might be just a temporary intraday rally before the market hits resistance, especially if the FED will stick with the current hawkish "tone".

EURUSD moved south yesterday, but then it found a base as stocks found some buyers. As such, corrective rally can still be coming here on the EURUSD, ideally higher into wave c back to 1.1360/70 resistance.

EUR/USD 4h Elliott Wave analysis

GOLD came higher yesterday, ideally into the fifth wave of an ending diagonal which is now already facing some limited upside at 1850 area. We see a risk for a sharp reversal, especially if metal would also break and close below 1834 today.

Gold 4h Elliott Wave analysis

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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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