Elliott waves analysis – Remain long towards 1.2720

EURUSD – Up

Remain long towards 1.2720

Wave Analysis:

For the past two days, the Impulsive wave (5) has extended itself upwards and is still pretty much bullish both on the daily and the weekly charts, Today, and even during the coming weeks, we expect a possible extension of this wave upwards with an ultimate target at 1.2720 or even higher. Ideally, we expect the level 1.2180 to have marked the end of the corrective wave (4) that any movements to the upper side is the unfolding of the last impulsive wave (5). This pair should be traded alongside EURHKD, EURCHF, GBPUSD and GBPSGD. These pairs have a strong positive correlation of up to +53% and will move in the same signal.

Trade Recommendations:

Remain long towards 1.2720

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