Elliott waves analysis – Rebuy this pair around 1.2184


Rebuy this pair around 1.2184

Wave Analysis:

Since yesterday, no significant move has been seen towards our buyer zone seen at 1.2184-1.2150. We still expect a drop to this zone to pick a low risk buy position. The anticipated bullish price movements is the unfolding of the impulsive wave (5) to the upper side and should break above 1.2770 towards 1.30. This bullish anticipated can only be invalidated in case the price break below 1.2184, this being the case, we’ll wait for another break below 1.2150 to confirm another bearish rally towards 1.1535. This pair should be traded alongside EURHKD, EURCHF and EURAUD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today.

Trade Recommendations:

Re buy this pair around 1.2184 towards 1.2770

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