The EUR/USD pair is again preparing to drop lower till prices remain below 1.1960 levels going forward. The pair has reversed lower from 1.1860 levels last week, which is also the fibonacci 0.618 resistance of wave (2) as labelled here. Ideally the pair should be continuing its bearish outlook towards printing lower lows and lower highs and push below 1.1550 levels at least. Looking at the 4H chart wave counts, the earlier drop from 1.2092 levels could be labelled as (A), followed by (B) terminating at 1.1960 levels respectively. The subsequent waves are (1) and (2) and wave (3) is unfolding at present. If the above count holds true, prices should remain broadly below 1.1960 levels and continue lower.
Please remain short, stop above 1.1960, target lower below 1.1550.
US Dollar Index chart setups:
The US Dollar Index continues to carve higher lows and higher highs since 92.50 levels, and it seems to be into wave (3) of the same degree for now. Since 91.00 levels, we presume that the index has carved out a potential (A) and (B) waves at a higher degree and could be on its way to carve out wave (C), unfolding into 5 waves. Waves (1) and (2) seem to be ready and wave (3) is unfolding at the moment, which could push prices higher through 95.00 and 98.00 levels going forward. If this hold to be true, the US Dollar Index should ideally stay above 92.50 levels going forward. Only a break below those critical supports, will indicate the the index is looking at an alternate count possible. Immediate support comes in at 93.30 level.
Please remain long for now, stop below 92.50 levels, target is 95.00 and 98.00 at least.
No major fundamental events are lined up for the day.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Harsh Japee,
InstaForex Group © 2007-2017
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