EURUSD is slow and it may be because of closed markets in Germany because of Reformation Day. So DAX is not moving at the moment, but it may open much higher tomorrow if US stocks will continue to move higher. In fact, there was a three wave retracement on E-mini S&P500 which looks like a completed wave four so price may be back at the highs soon.
S&P500, 1H
While stocks are headed up we may continue to see stronger dollar, especially against commodity currencies and against euro now as well. There is a nice rally from 1.1570, but it’s slow so probably a corrective leg that can stop at 1.1670/80 intraday resistance, where fourth wave rally can be limited. A drop back to the lows is in our view as long as 1.1729 is not breached.
EURUSD, 1H
