Elliott Waves Of Euro Ahead Of FOMC
Dec 11 2019
Good morning everyone.
Markets are slow ahead of the US rates decision and press conference where markets are pricing in 98% chance that FED will not change rates, so market mover can be only a Powell’s tone on a press conference. If he will be start pointing on more rate cuts for next year, then DXY may fall, while hawkish tone may of-course help the buck to find some support. Technically speaking, I see bearish pattern for the USD, especially when looking at the intraday EURUSD structure where we see five waves up from 1.0980 followed by a three wave drop from the highs, so more upside can be coming. But as always a more complex correction is possible with failure moves, especially during important events like this one today. As such, real invalidation level of the euro bull move remains at 1.0980.
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