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Markets did not move much during the Asian trading hours, despite lower stock prices that followed bearish price action seen yesterday on European and US shares.
The EURUSD was mostly flat around 1.3500 level but pair has now turned bullish ahead of the ECB. Looks like the reaction is technically based that came in from weaker USDCHF.
Notice that USDCHF made three waves up to 0.9148 but we still need to see break of a corrective channel support line and 0.9055 as well to confirm weakness towards 0.9000. Anyhow sooner or later pair will test this psychological level.
USDCHF 1h


At the same time we are tracking bullish intra-day pattern on EURUSD, where we could see test of 1.3600 resistance in incomplete wave B, before pair turns bearish for wave C.
EURUSD 1h

Oil fell down to $95 this weeky before turned bullish again. However, we think that latest bullish rversal is only temporary, as we are tracking an incomplete corrective decline in wave 4) that should be structured by three legs. We labeled a leading diagonal in wave A followed by a current wave B bounce towards 97.30/50 from where price could turn bearish for wave C.

If you are familiar with the Elliott Wave Theory then you will know that fourth waves can be very tricky, because there are many different patterns available, like flat, triangle, zig-zag, or maybe even combination between them. However, the most common structure on the markets is a zig-zag. A zig-zag is a three wave pattern, labeled as A-B-C that occurs against the primary trend. As such, we will focus on this structure for now, which means more downside could be seen in the next couple of days, possibly even back to $93-$94 zone; 38.2% retracement and base channel supports as shown on a daily chart below.

EURUSD Weekly Chart


4 Hour Elliott Wave Outlook EUR/USD

JPY was pushed lower again while Japanese shares soared after a Bank of Japan member said that more monetary easing could be justified later this year. USDJPY reached levels around 94.40 but we see an incomplete impulse from 92.15 swing low which means that pair should continue higher. We expect at least one more push up as current pull-back appears to be corrective black wave iv. Support for the pair comes in at 93.60/70.

S&P Futures are in a pull-back mode after five wave rally from 1494. So far decline looks corrective so we like the idea of incomplete uptrend. Support comes in around 1505. This count is also bearish for JPY, which means higher USDJPY.

Daily close above the trend-line that would confirm the bullish reversal.

Price will accelerate lower in impulsive manner back to 94.90 toward Wave 4

German DAX is in down-trend in this week same as EURUSD from Feb 13 high. Expecting on DAX; 3-wave retracement in wave (ii) ideally back to 7650/70.
DAX 30min


EURUSD
Three wave retracement in wave B back to 1.3400 should be interesting EURUSD 1h

Break of wave D) 1.5267 low that will confirm the bearish view for wave (C) fall towards 1.3000.

Gold: market could hit 1560 in the next two or three weeks while 1684 is not breached.

Complex corrective decline from 1.3710 is incomplete and that market will make one more push down, towards 1.3250 in this week to complete wave C of a second zig-zag