The U.S. dollar sold off strongly in the forex markets on January 23, pushing EUR/USD, the euro-dollar exchange rate, as high as $1.3047 in the process.
While the "fundamental" picture for the euro remains murky (continued Greek debt negotiations being the latest factor under the microscope) from an Elliott wave perspective, the trend in EUR/USD is much more definable, at least in the short term.
All 13 known Elliott wave patterns divide into two groups: impulsive (5 non-overlapping waves) and corrective (usually, 3 overlapping waves). Impulses go in the direction of the larger trend; corrections are pauses within the trend.
To the editor of EWI's forex-focused Currency Specialty Service, Jim Martens, what stands out about EUR/USD's latest rally is its impulsive look (Elliott wave labels erased for this article):
Based on this Elliott wave factor alone, Currency Specialty Service's latest, January 23 daily forecast for EUR/USD states that, "The rally looks mature but incomplete." The exact price targets inside the Service now.
Elliott Wave International's Currency Specialty Service monitors 12 U.S. dollar and cross rates 24 hours a day. Details below.
Discover What a Team of Elliott Wave Experts Can Do for Your Forex Trading
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For a market that never sleeps, you need ’round the clock forecasts to catch ’round the clock opportunities.
Currency Specialty Service delivers intensive coverage that you can apply directly to your forex trading — literally 24 hours a day.
You get actionable forecasts for the 12 most traded currency pairs from EWI’s dedicated 4-person currency team. Their timely updates can help you tap into forex opportunities unfolding right now.
How It Works
Currency Specialty Service gives you instant online access to these resources:
Intraday Forecasts: You get short-term forecasts throughout each trading day – complete with fully labeled charts, “plain-English” analysis, key support and resistance levels, and price targets — to help you take advantage of the next high-probability market move.
Daily, Weekly and Monthly Forecasts: Every evening, you get near- to intermediate-term forecasts featuring daily price charts, analysis, critical levels and price targets that you can use to bolster your next trading decision. And if you like to keep your eye on long-term opportunities, the weekly and monthly forecasts have you covered.
Video Forecasts: Plus, you also get regular video updates, usually with a strong Elliott wave educational angle, at least once a week.
Currency Specialty Service helps you to:
 Plan your trading strategy with more confidence
You get clear and concise commentary on the most probable direction of the next move for the time frames that matter to you.
Get a clear picture of market probabilities
You get charts that are fully labeled with our up-to-date Elliott wave count, so you see our primary Elliott wave outlook and the alternate scenarios that help you manage risk.
 Understand the upside or downside potential of a move — before you act
We show you price targets that tell you how far each move is likely to go, and where the prices should reverse.
 Stay in control of your position risk
We give you key price support and resistance levels to help you formulate your own risk-management strategy.
 Get valuable insights into market nuances and subtleties
You can’t put a price on experience. Our veteran market analysts help you “read between the lines” of price action — a very unique advantage.
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Markets Covered
Currency Specialty Service aims to keep you ahead of the action in these markets:
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| Dollar Rates |
- EURUSD
- GBPUSD
- AUDUSD
- DX, U.S. Dollar Index
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