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Bullish USD View; Keeping Eye on 1.3720/1.3750 On EURUSD


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Dec 19 2013

The USD has moved higher yesterday after the tapering from the Fed. However, the buck did not move so much against commodity currencies. The best reaction was seen against the EUR, CHF and especially JPY because of rising stock market.
On the daily chart below of USD Index we can see a strong upward reaction which looks like a start of a wave (C) up to 82.00 area. If that is the case then EURUSD should remain under pressure.

USD Index daily

So with USD Index bullish view our primary count for EURUSD is bearish. We are looking at completed wave (v) at 1.3810 because of an impulsive fall, but before we may look for more weakness we have to wait on a three wave rally back to 1.3720/50 resistance area. If personality of a pullback will be corrective then we will be considering short entries.
EURUSD Primary count 1h

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