Elliott waves analysis – Rebuy euro around 1.2160

EURUSD – Up

Rebuy euro around 1.2160

Wave Analysis:

We’re seeing a correction of the impulsive wave (5) to the lower side but should not go beyond the support level 1.2160. During this trading day, we expect further correction to the lower side before we eventually re buy the impulsive wave (5) to the upper side. The best place to wait for a breakout is above 1.2514, this being the case, we expect a possible bullish momentum towards 1.2945. This pair should be traded alongside EURHKD, EURCHF, EURAUD and AUDUSD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today. Only buy or sell the euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Rebuy euro around 1.2160 with your target at 1.2945

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