EUR/USD potential fall and USD rise on US GDP – Elliott Wave Analysis

Today is the important data release for the USD and other correlated markets. At 12:30GMT we will get the US GDP figure with current expectations at -0.8%. This is definitely not a good number for the buck, but anything around -0.6% could mean a very strong reaction on the charts in the direction of the USD.

Technically speaking we would not be surprised if the USD continues higher as we see several pairs in corrective formations. On the USD index we also see a nice pullback from around 97.90, which appears to be a complex, double zigzag that is now seeking for a support with wave (y). Traders may want to keep an eye on 96.80 and 96.50 supports for a potential bounce higher.

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