EURUSD moved higher yesterday, above 12455 which was needed for a five wave advance from the lows. As such, we believe that EURUSD has found a temporary low and the that larger three wave recovery is on the cards, but after a corrective set-back is complete. We are looking now at potential retracement back to the former wave four, near 1.2360 where the pair could be looking for a support.
EURUSD 1h Elliott Wave Analysis
USD also turned down against JPY in this week with room for more weakness that will likely occur next week. At the moment, we see a completed five wave fall from 121.84. So, a three wave retracement could be headed up to 119.90-120.14 resistance.
USDJPY 1h Elliott Wave Analysis
