USD index before ECB

ECB’s decision about interest rates can always bring some surprises into the markets, but it won’t hurt if we look at the USD index before the news tomorrow. The Elliott Wave Principle has the ability to absorb news quite often, so let’s see what the charts have to say. As shown on the 1-hour chart below, the direction of the trend has already been given by a five-wave advance from 79.30 to 80.55. The Theory postulates that after every impulse, a correction follows. As you can see, wave (2)/B down is already developing. It seems that it could lead the USD index near 79.80, before the uptrend is restarted.

usd index

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