Elliott Wave Analysis On EURUSD And German DAX
The dollar is mixed across the board ahead of the FOMC statement later today, so we definitely want to wait on any news to confirm bear or bullish trend for the buck. We however still favor a bullish view, thus bearish EURUSD as leg recent bounce from 1.1215 can be wave c as part of a flat correction. If that’s true then new surprise and bearish leg down will occur from around 1.1400 resistance.
German Dax is also in a pullblack mode that is pointing higher as decline has a nice overlapping decline, so it’s a correction. A nice technical support area comes in around 10150-10200. But on the other-hand break above 10435 will be the first evidence of a completed retracement.
German DAX, 30 Min
Find more: Contributing Authors