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The popular USD pairs examined under the lens of Elliott Wave Analysis.
Good day traders!
Following Christmas and New Year holidays we have seen a new bout of dollar weakness across the board which may not be over yet based on recent price developments. I see the EURUSD moving higher towards the 2017 highs where a breakout is expected for ideally a limited upside towards the 1.23/1.24 area. We see something similar on the Cable as well, while on the other-hand the USD Index may see 88/90 and USDJPY 110.00/109.50.
But what about the long-term view? Well, what I have also noticed is that a lot of market participants are becoming more and more bullish on EURUSD while it’s trading higher, but EW tells me that this can be a fifth wave; a final leg before we may get a more important and strong reversal lower. To find out more about my view, I welcome you the watch the following video.