US stocks moved sharply higher yesterday and it seems that risk-on is back in play. Meanwhile Japanese yen lost some value against the majors which has been expected as correlation between stocks and XXX/JPY pairs is positive. The only surprise is EUR/USD which is still trading above 1.3300 level despite a negative correlation with stocks based on inter-market analysis of the last few weeks; when stocks were up, EUR/USD was down and vise-versa. However, below we have a chart of the E-mini S&P 500 where we can count five waves up so here more gains is expected which will sooner or later cause a sell-off on the EUR/USD. Support for S&P 500 comes in at 1624. 
On the EUR/USD we expect near-term weakness towards 1.3276 either move is just wave c of a corrective pull-back or not. If EUR/USD will remain sideways today and trapped in 1.3276-1.3390 range then we will start tracking a triangle pattern.
EUR/USD: 1H" title="EUR" width="561" height="554">
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EUR/USD And S&P 500: An Elliott Wave Look
Published 06/14/2013, 05:27 AM
Updated 07/09/2023, 06:31 AM
EUR/USD And S&P 500: An Elliott Wave Look
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