Commodity currencies are weaker than EUR or CHF, but even these are bearish against the buck. On EURUSD we see a bearish reversal now in play to lower levels after the recent decline to 1.2680 that invalidated any bullish impulsive wave counts as we talked about yesterday. We see a bearish swings in play on EURUSD now, possibly with an impulsive price action back to the lows of the year.
EURUSD 1h Elliott Wave Analysis
USDJPY is moving sideways as the currency pair doesn’t know if it should be tracking the falling stock market or the rising USD. Well, we see wave c) still unfolding, with wave v coming to complete an ending diagonal in wave c) in the near term. A bounce from the lows and back above 108.00 or 108.73 would be a nice bullish turn for the pair.
USDJPY 1h Elliott Wave Analysis
