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Markets are still very slow across the board because of the holiday yesterday in the US. However, this may change today as normal volumes should be back. Based on USD view, we still see currency trading higher with more gains in view if stocks will continue up.
On EURUSD we have seen a bounce, but not so aggressive, not even impulsive. In fact, market slowed down at former wave four so new reversal could follow to the downside especially as EURUSD rally occurred during lower volumes because of closed banks in the US yesterday. We however, believe that sooner or later EURUSD will turn into a larger recovery, but we doubt it will happen anything significant before Thursday, when ECB may surprise.
EURUSD 1h Elliott Wave Analysis
