Markets gapped against the USD on Sunday, away from Friday's close price. We can see higher prices on EUR/USD, US bonds and also US stocks futures after Lawrence Summers withdrew from the contest to succeed Ben Bernanke as the next chairman of the Federal Reserve. We have also seen a gap down on Crude Oil Futures after the U. S. and Russia have agreed on a framework for Syria to destroy its chemical weapons stockpile by the middle of 2014, as by media on Saturday.

Below we can see a gap up on EUR/USD, where we expected a move higher into wave C after recent correction in B wave. Keep in mind that gaps usually get filled and that we also have only a three wave rise from monthly lows so bearish reversal could follow in this week. Technical resistance comes in at 1.3380-1.3400. EUR/USD 1h Elliott Wave Analysis EURUSD 1h Elliott Wave Analysis While EUR/USD and US Bonds gapped higher the USD/JPY moved to the downside and finally reached levels around 98.50 that we highlighted several times last week. However we need five wave move in wave (c) for a valid and completed expanded flat correction. As such, we are not tracking an ending diagonal in wave (c) that may complete the pattern around 98.00 area with a sub.-wave v). We also see a 61.8% in that zone which could be very interesting for buyers.