The USD lost some value on Friday against the EUR after the pair touched levels beneath 1.3500. An intraday bullish reversal came after a fifth wave down that spiked to a new low from a triangle placed in fourth wave. However, any pullbacks will not last long as we see this push against the USD as just another corrective fourth wave. We expect a downtrend resumption but after a minor a-b-c pullback. Invalidation level is at 1.3587 now as wave iv) must not trade into the territory of a wave i).
EURUSD 1h Elliott Wave Analysis
We are also still holding shorts on AUDUSD, on which a downtrend continuation could be seen as the latest pullback appears to be in three legs. I would love to see a strong fall through 0.9360 swing that may open door for 0.9327.
AUDUSD 1h Elliott Wave AnalysisÂ
