Elliott waves analysis – Remain short

EURUSD – Up

Remain short

Wave Analysis:

Euro is still rallying below 1.2293, as long as the price remains below 1.2293, we expect a possible bearish price movements but should not go beyond 1.2055, the anticipated bearish price movements is the continuation a correction to the lower side and may extend below 1.2055. This view will only be rendered futile in case the price ends up above 1.2293, this being the case, we expect a possible momentum towards 1.2505. This pair should be traded alongside EURHKD, EURSGD and GBPUSD. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.

Trade Recommendations:

Remain short with your target at 1.2055

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