Dollar can see more weakness - Euro in 2024 [Video]

Gregor Horvat Wavetraders

Stocks are coming down at the start of January as some portfolio adjustments and profit-taking occurs at the start of a new year to avoid 2023 tax year. We can also see some dollar rally, but normally these flows at the start of the year are temporary and can be reversed later this month when flows will normalize. We also have a FED minutes today, but US PMI and NFP much more important this week I think.

Lookin at the Euro, we see it turned up at end of 2023, it recovered with a sharp reaction higher up to 1.1 area where pair slowed down and turned lower into a pullback that is now in progress. Ideally, thats wave (A) of a new higher degree correction that can represent even wave 2 so be aware of some more weaknesses or sideways price action, but eventually, new buyers will show up still this month. Some nice support is at 1.08-1.07 area. If you want to see full Elliott wave analysis and outlook for 2024 then feel free to check our video below as well.

EUR/USD Elliott Wave analysis

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

EUR/USD remains bid, focus stays on 1.1900

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GBP/USD sticks to the bid bias, still below 1.3700

GBP/USD is trading with decent gains around 1.3650 on Thursday. Indeed, Cable is attempting to shake off the weakness seen earlier in the week amid another choppy session for the Greenback, while a run of disappointing UK data has so far failed to derail the pair’s tentative recovery.

Gold recedes slightly, trades below $5,100

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