The FX market is not moving much ahead of the highly anticipated US NFP report today at 12:30GMT; expectations are 231K, and a good number will just support the current USD move even more. If the number is bad, then we may see some correction in favor of EUR, CHF, AUD and others but only for a short-period of time. The trend is clearly in the direction of a bullish USD and I am not expecting any change here.
On the EURUSD intraday chart I see a sideways move that is most-likely a wave four that can be a triangle. As such, we expect another low; a move down in wave v to complete wave v) of a higher degree around the 1.3300 figure. If our count is correct, then maybe we will see a spike down and then a reversal up after the NFP figures.
EURUSD 1h Elliott Wave Analysis
USDPY is also looking bullish ahead of the report, as we also see here a triangle as well pointing to 103.15.
USDJPY 1h Elliott Wave Analysis
See how to trade the NFP with EUR/USD
