Elliott waves analysis – Remain long


Remain long

Wave Analysis:

Since Monday this week, euro has been pulling back upwards and may continue even higher during this trading day. we expect the level 1.2140 to have marked the end of the corrective wave (4) that the current bullish price movements is the unfolding of the impulsive wave (5) to the upper side but should not go beyond 1.2635 today. According to the current chart set and structure, this pair is very bullish and only a long position can be recommended. This pair should be traded along side GBPUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction today. Only buy or sell euro if the other positively correlated pairs are giving the same signal.

Trade Signal.

Remain long with your target at 1.2635

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