Elliott waves analysis – We’re long


We're long

Wave Analysis:

During the previous trading day, Euro pulled back upwards, and is still pretty much bullish both on the daily and the weekly charts. We expect the level 1.2206 to have marked the end of the corrective wave (4) that the current bullish price movements is the continuation of the impulsive wave (5) to the upper side with an ultimate target at 1.2690, if this target is violated to the upper side, the we expect further momentum to the upper side. This view can only be invalidated in case the price breaks below 1.2250, this being the case, we expect a decline towards 1.2040. This pair should be traded alongside GBPUSD, AUDUSD, and EURHKD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations”

Remain long towards 1.2690

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