Elliott Wave Analysis: USD Index and EURJPY Intraday
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
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
Written by www.ew-forecast.com
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.
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