Gold and EUR/USD Trade Higher: Elliott Wave Analysis

Technical analysis of Forex market

The USD remains bearish after US CPI figures this week that came out around expectations, while PPI yesterday increased by 0.2%, less than expected. The dollar is down even after some weakness on stocks yesterday during the US session.

So EURUSD is higher, but one of the reasons can be remarks by ECB Vice President Luis de Guindos who said on Thursday that euro zone’s inflation spike is not as transitory as earlier thought.

EUR/USD 1h Elliott Wave analysis

Technically speaking we see EURUSD in uptrend on intraday charts with room for further gains. Support is at 1.1430-1.1450.

Gold remains in uptrend and is coming nicely higher, as expected away from the 1814 support. We see fifth wave now in progress with a projection up at around 1835/40 area where trend may once again start slowing down.

Gold 30 min Elliott Wave analysis