Elliott Wave Intraday Analysis: German DAX and EURUSD
Stocks around the globe are significantly higher for the last 24 hours, with DAX trading above 11000 level which was our target, while E-mini S&P500 is at 2240. We see DAX making a strong impulsive run from 10627; it’s an extended wave which can be looking for a top in the very near-term in current 11100-11150 area. We think that eventually market will make a deeper three wave retracement.
German DAX, 30Min
At the same time, EURUSD is also showing a solid bullish structure, especially as leg up from 1.0697 swing low unfolded in minor five waves that belongs to a cycle of a larger bullish structure. As such, we expect a rise above 1.0800 and possibly up to 1.0850/1.0900 which can be seen maybe later during the ECB Press Conference.
EURUSD, 1h
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