We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The #Dow Jones moved confidently higher last week as it added onto recent gains. Now, #stocks will aim to continue their rally while enjoying support from prior all-time highs. Get your technical analysis on #equities from @PeterHanksFX here: https://t.co/Qb89HIWxBY https://t.co/HMguTvD157
  • How can you trade #forex after a major release? Find out: https://t.co/sdxcXb8q60 #tradingstyle https://t.co/LNcbvVhIc2
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/m763epaH2C
  • Crude #oil prices, $NOK and $SEK may rise if Donald Trump’s speech on trade war developments amplifies market buoyancy against the backdrop of critical US CPI and retails sales data. Get your market update from @ZabelinDimitri here:https://t.co/5rdK7xsQNq https://t.co/YnlQjKNZdS
  • RT @next_china: U.S., China chief trade negotiators spoke by phone on Saturday, Xinhua reports https://t.co/dMQtd0g4jY
  • The $AUDUSD and $EURUSD downtrend may prolong as traders counterintuitively buy into their descent. Meanwhile, the USD/CAD uptrend may accelerate on rising net-short bets. Get your market update from @ddubrovskyFX here: https://t.co/dlzJ31kf3f https://t.co/xp8P9MmCgb
  • As we head into next week, Cable is continuing to digest the massive leg higher last month, which at some point soon could mean another surge. Get your $GBPUSD technical analysis from @PaulRobinsonFX here: https://t.co/LJ42YhDe3X https://t.co/5hGwhGBpLB
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/urMnUCq4fn
  • RT @markets: White-hot pot stocks have flamed out in spectacular fashion https://t.co/3GsVsRyZaZ
  • What is the best time to trade #forex? Find out: https://t.co/M9R46r5ewa #tradingstyle https://t.co/gJ1QDrox67
Ethereum and EUR/USD Price Outlook for Further Gains

Ethereum and EUR/USD Price Outlook for Further Gains

2019-10-28 18:04:00
Jeremy Wagner, CEWA-M, Senior Strategist
Share:

The Elliott wave patterns for Ethereum and EUR/USD show potential for continued rallies while the US Dollar may enter a period of weakness.

The video above is a recording of a US Opening Bell webinar from October 28, 2019. We focused on the Elliott wave patterns for key markets such as Ethereum, US Dollar Index, EUR/USD, GBP/USD, and USD/JPY.

Ethereum Price Outlook for More Gains

Ether jumped this past Friday pushing the market above a resistance trend line that has been containing prices for the past four months. This trend line break does suggest the mood of this market is changing from a bearish correction to a bullish move.

We forecasted on October 11 that a large rally may be nearby for cryptocurrency. After the dip on October 23, the bullish advances do appear more constructive and impulsive. A continued advance above 197.6 would create a series of higher highs and higher lows and open the door to 364 and possibly higher levels.

Further reading:

Ethereum Market Update: ETH/USD Price Outlook is Bullish

ethereum price forecast for rally above $364.

US Dollar Index Consolidates Support Break

US Dollar Index is currently consolidating after the recent support trend line break. From an Elliott wave perspective, the October 1 high appears very important as several wave pictures point towards a retracement down to 94.60. From there, some of the models diverge with some wave counts pointing to even lower levels into the 80’s.

The current upwards consolidation fits well as a wave (iv). If this wave picture is correct, then continued selling resumes from nearby levels pushing closer to 94.60. There appears to be many more waves lower with the October 1 high of 99.23 key to the bearish bias.

Read also: how to trade US Dollar Index

US dollar index price outlook using elliott wave theory.

EUR/USD Eyes Further Gains

The resistance trend line break and top side retest of the same line keeps the forecasted rally alive for EURUSD. The dip from October 21 is taking the shape of a temporary correction. The key level we have been watching is 1.1063 and prices have held above this level so far.

Therefore, a rally may ensue from nearby levels to above 1.12. If this plays out, then the rally in EURUSD would be the last jump in wave 3 making the wave labeled as .v of 3. This implies more potential to the upside and the rally may be incomplete. We are targeting 1.18 and possibly higher levels for EUR/USD.

eurusd price forecast for rally to 1.18 using elliott wave theory.

USD/JPY Bullish Trend Searches for a Top

USD/JPY has nearly retraced 61.8% of the April to August 2019 downtrend. The structure of the advance from August has us viewing this uptrend as temporary and a partial retracement of the previous down wave. Therefore, this bearish view is maintained so long as USDJPY remains below 112.40. When this up wave finalized, we are anticipating a new down trend that eventually breaks below the August low of 104.46.

Therefore, the current Elliott wave for USDJPY appears to be wave 2 or B. When this wave terminates, the next wave lower would be wave 3 or C.

usdjpy price outlook using elliott wave theory hinting at further losses below 104.

Learn more on Elliott wave including the rules and guidelines by grabbing these beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Join Jeremy in his live US Opening Bell webinar where these markets and more are discussed through Elliott wave theory.

Follow Jeremy on Twitter at @JWagnerFXTrader .

Recent Elliott Wave analysis you might be interested in…

EURUSD Elliott Wave forecast – enough evidence points to a large rally

ETH/USD price outlook is bullish

8 scenarios after an Elliott wave impulse pattern completes

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.