4 Hour Chart trend: Short. Main price points: 1.3747, 1.3832, and 1.4071. Looking for: Near-term bearish count
On the Eur/Usd pair the prices did not break through the 1.3832 lows of an irregular wave B) correction that was completed at the end of the past week. Prices should reach these lows pretty fast if oil and equity markets continue to slide in the coming sessions, and that may lead into tests of 1.3747 support. This quick move down from 1.3832 to 1.3747 area will be expected, as long the 1.4071, wave B) high holds.
4 Hour Chart trend: Mixed. Main price points: 79.36, and 81.36. Looking for: Wave IV pattern
On the four hour dollar index chart we are still looking for a triangle pattern in a red wave IV position. In the past few weeks the dollar index fell from the wave E) top, which made for important support and resistance tests on the majors. The index, however, is still trapped between the 81.36 and 79.36 area which means everything and anything is possible. A break of the support will confirm a triangle formation that will lead to a dollar short scenario, while the break of resistance (wave E) will make for a temporary bullish dollar.
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