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EURUSD Looking Higher, While DAX Breaching Lower


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Good morning traders,
We have some big divergence on majors for the last two days when comparing them to USD. We can see a nice move up on EUR, CHF, even GBP while AUD and NZD are still very weak against the US currency. So markets are mixed, and normally crosses will move the most in such environment, just look at EURAUD per example.

EURUSD as we can see is on a sharp rise, now seen in impulsive recovery of wave one, currently in subwave 3 still that is at some Fib resistance here around 1.1830.

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EURUSD, 1H

intra eurusd

Reason for a stronger EURUSD is lower Dax which is at the lows now, but not sure if corrective move is finished. Can be a flat correction, so interesting resistance for wave C could be at 1.3140.

German DAX, 1H

dax, intra

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



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About the author


Grega Horvat

 

 

  • 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: 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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