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Today, you need to be paying attention to forex because of:

• Several high-probability Elliott wave trade setups in EUR/USD and USD/JPY
• The emerging currency crisis and its implications
• The new Fed chief and potential changes to the QE

Want to know where FX markets are headed in the next few hours, days and weeks?

Elliott wave patterns are telling you now where the next major opportunities are. Find out now during EWI's Forex FreeWeek!

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FREE Forex Trading Analysis

Forex Market Insight: EUR/USD Rallies...Why?
Elliott wave patterns suggested a bullish reversal a day before the rally
February 23, 2012

By Elliott Wave International

On February 16, EUR/USD, the euro-dollar exchange rate and the most actively traded forex pair, surged over 170 pips, from below $1.30 to above $1.3150.
The explanations for the strong rally boiled down to "hopes" that the Greek bond-swap deal would be reached.
As we've pointed out before, explanations such as these make sense only in retrospect. They tell you nothing about tomorrow's trend.
On February 15, while EUR/USD was still in the downtrend, Elliott Wave International's forex-focused Currency Specialty Service posted the following intraday forecast:

EURUSD (Intraday)
Posted On: Feb 15 2012 1:28PM ET / Feb 15 2012 6:28PM GMT
Last Price: 1.3068
[Approaching a bottom]
The decline from 1.3322 looks mature, though there is no evidence it is complete. Allow for a dip below 1.3027 (to complete a flat correction) but we're focusing on identifying the upcoming reversal. A rally in five waves at small degree would do the trick.

As expected, EUR/USD indeed dropped below $1.3027 before reversing upward on February 16.
The bullish February 15 forecast was based strictly on the Elliott wave pattern you see in the chart above. The converging trendlines labeled (i)-(ii)-(iii)-(iv)-(v) mark an ending diagonal triangle, which only forms when the trend gets exhausted, and a reversal is near.
This Elliott wave pattern warned one day before the EUR/USD rally began that the collective bias of the forex players about the euro would soon shift from bearish to bullish.
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Now through noon Eastern time February 29, you can get a full week of FREE access to EWI's trader-focused Currency Specialty Service (valued at $494/month). That means you'll get to see all the charts, analysis, videos and forecasts for the world's most traded currency pairs -- at ZERO cost to you! Access FOREX FreeWeek now >>