EURUSD Eyes Down To 1.1800-1.1750 Support

  • Key data later today including the job number, OPEC meeting
  • USD can be seen higher 
  • EURUSD may find support around 1.1800-1.1750 

Today, we have important data ahead, a key focus will be on US jobs numbers, and the OPEC meeting. NFP is expected to come around 725k, so it will be interesting to see if we can get close to that if we consider that in the past two months those numbers were missed.

We assume that sooner or later these numbers will improve and if this will be today then the report could influence the Fed's policy outlook, meaning the dollar can be seen even higher because of tapering. However, keep in mind that USD is higher for the whole week now so can actually buy the rumor sell the news impact. 

From an Elliott Wave perspective, we also see dollars moving into resistance across the board. The EURUSD pair is down but seen in the fifth wave so support may not be far away, even if just temporary.

On 4h EURUSD is coming sharply down and there can be room for more weakness in the short-term to complete a five-wave cycle for wave C/3 around the first 1.1800/1.1750 support zone

EURUSD 4h Elliott Wave Analysis Chart

EURUSD Elliott Wave

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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