EUR/USD moves higher despite DAX uptrend

Elliott Wave Analysis: EUR/USD, Dax

EUR/USD

The euro/U.S. dollar index (EUR/USD) currency pair is moving higher, and it touched 61.8% Fibonacci retracement level, which is probably the most important reversal zone when looking for end of a corrective waves. Well, notice that rally from recent low is clearly slow and overlapping so we think it's a contra-trend move that can send price down later this week. We however would love to see 1.1303 break to confirm new leg down.


EUR/USD, 1-hour

 

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About the Author

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.