Elliott Wave Analysis On EURUSD And USD Index
EURUSD
Good morning traders. Calendar is filled with UK stability report issued by UK central bank, durable goods and factory orders later in the US. Stock markets are marginally down from its respective highs but we look this only as a pullback, thus we believe price can reach higher levels. On the EURUSD we see that price surpassed former highs at 1.119, thus meaning that maybe a reversal could be near. This move up from the lows we labeled as an ending diagonal in the wave C with potential resistance around the 1.1220-40 area.
EURUSD, 1H
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USD Index
In addition we published the USD Index chart where we see a nice trend line, which can act as a support and a turning point higher.
USD Index, Daily
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