Elliott Wave Analysis: EUR/USD In Fifth Wave
EUR/USD currency pair saw some recovery two weeks back after FOMC meeting when Powell was not as hawkish as many expected. But pair, however, came down anyhow after US Core CPI* figures came out last week above the expectations; 6.2% vs 6.0% so there is speculation for a potential 75bp hike. From an Elliott wave perspective pair came down into the fifth wave of an Elliott wave pattern, but the price is already at some support here, ideally in the final stages of a bearish Elliott wave impulse. We think that pair can stabilize in near future, but we will need a hawkish ECB policy decision for that to happen; plus higher stocks.
www.tradingview.com/chart/1nBZ9hJ4/