The Japanese yen is moving up this morning as futures contracts on US indices hit resistance. At the same time we can see mixed picture on USD which is now down against the EUR, GBP and JPY but up against the commodity currencies.
Below we have a chart of German Dax again which is moving slightly down from the highs after only three wave rally from 9500. For now that’s not a big deal but break of the channel line and fall beneath 9600 will put prices down in to wave (c) of a flat correction.
German Dax (Mar 2014) 1h Elliott Wave Analysis
The EURUSD has been very slow lately, and on the intraday chart we can see the reason why. We are tracking a triangle in progress that may send prices up to 1.3800 in this week. Ideally we will see waves d) and e) in the next 24 hours, but bias remains bullish as long as 1.3680 holds.
EURUSD 1h Elliott Wave Analysis
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