The USD is down across the board as stocks extend the recovery. We see a nice bullish impulse on EUR/USD pair meaning that the bottom is in place and more upside can be seen in sessions ahead. However, markets are waiting on EUR CPI data at 10GMT, followed by the US ADP employment report later, so this is something that we have to watch today. Strong EUR CPI will likely indicate that ECB should be more hawkish.
EUR/USD is making a sharp rise which is looking impulsive from 1.1121, so we assume that the pair is bottoming and that more upside can be seen after wave B/2 pullback. In fact, recovery may be much higher if we consider that on a daily chart pair can be completing wave D of a triangle.
EUR/USD 4h Elliott Wave Analysis
The latest recovery on Aussie is sharp and impulsive with price breaking the channel resistance line, so it appears that the market is bottoming. It can be only a temporary recovery as part of a higher degree A-B-C irregular correction, but even under this scenario there is room for more gains into sub wave C)/3) after minor wave B)/2) retracement.
AUD/USD 4h Elliott Wave Analysis
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