Elliott Wave Analysis: USD Index and EURJPY Intraday

By: Gregor Horvat | Wed, Mar 26, 2014
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USD Index is trapped in 79.87 - 80.45 range in the form of a corrective price action. We can already see two swing lows and two swing highs that can represent a contracting triangle placed in the middle of a larger uptrend. Triangle are five wave patterns so ideally market is now in wave (d) with wave (e) still to come before market may break through the upper side of the range.

USD Index 1h Elliott Wave Analysis

USD Index 1-Hour Elliott Wave Analysis Chart

I still have eye on EURJPY where latest price action suggests that wave (B) is a triangle and not a flat. Looking now for wave E top around 141.80. An impulsive sell off from the upper side of a range will be interesting price action for short entries.

EURJPY 1h Elliott Wave Analysis

EURJPY 1-Hour Elliott Wave Analysis Chart

 

Written by www.ew-forecast.com

 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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