EURUSD, Dax and USDJPY Elliot Wave Analysis updates

Good morning traders!

We can see a nice leg up on EURUSD, following our bullish path that we highlighted on Monday after an a-b-c decline down to 1.1739. It was a temporary pullback which is now almost fully retraced as we are tracking wave c) that still for a rally towards 1.1880 zone.

EURUSD, 1h

While EURUSD is on the way up this week, there is a chance that DAX will come even lower after that nice bearish turn yesterday from 13340 area, about we talked at the start of the week, when highlighted that gap still has to be filled. Well, notice that gap was later filled with current wave one, so be aware of temporary pullback that may show up as corrective wave two.

If stocks really will come under pressure and maybe DAX underway to Dec 01 low, then we can expect USDJPY to see limited upside as well. Currently, there is a three wave recovery into a nice 113.00/30 resistance; a drop from here back to 112.60 would be nice evidence for weaker prices.

German dax, 1h

USDJPY, 1h

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.


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