It seems that USD is finally on the move, moving higher against majors, particularly the EUR and CHF at the moment, despite the move up in the DAX index.
As we know, we have been tracking this bullish structure on USD for a while, highlighted it on USD index hourly chart with a three wave decline from 80.52 to 79.98. This move is now complete as market is already approaching July highs again.
In fact, a move in the last 24 hours is accelerating so we think it’s an impulsive structure in progress. 80.29 is now critical level, as long this one is not breached we are bullish!
USD Index 1h Elliott Wave Analysis
If the USD index is going higher then the EUR will remain in the downtrend. I see five waves down unfolding now on the EURUSD within an extended black wave iii that may find some support around 1.3520/1.3530, so be aware of a bounce, but that will be only on the intraday basis with limited upside, possibly around 1.3560/70 as we will be looking for fourth wave.
EURUSD 1h Elliott Wave Analysis
