A lot is going on; the crypto market is down after FTX’s liquidity issues after Binance says they are liquidating its holdings of FTX Token. So crypto weakness is not because of USD strength. In fact, USD was down earlier this week across the board after some stabilization on stocks. However, even FX can slow down now, ahead of US CPI tomorrow. U.S. House election results will also cause some shaky reactions, but eventually, the move can be temporary. From an Elliott wave perspective, we see five waves up on the eurusd pair. now trading at 1.0090 resistance so we should be aware of a pullback. Ideally market will make a three wave retracement back to the former wave four before new buyers may step in.
