We have another important week in front of us; it’s the ECB and BoJ week where CB may have something new to say about the recent sell-off of their currencies. ECB is expected to hike rates for the first time in more than a decade on Thursday, by 25 basis points. Or, who knows, they can even surprise us if we consider that ECB is behind the curve a lot compared to other banks. From an Elliott wave analysis perspective we can see a very nice turn up on the EURUSD currency pair, out of a downward Elliott wave channel which may suggest that the bearish impulse Elliott wave pattern can now be finally bottoming. A minimum three-wave rise is now expected, possibly even back to the 1.03 level while SP500 futures may try to attack 3950.

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