Elliott waves for Forex correlation analysis – Buy EURUSD with an ideal target at 1.111

EURUSD – Up Wave Analysis: After gaping above the daily resistance line 1.08641, the pair retraced back to this line but is currently finding it hard to close below it. We’re waiting for a clear rebound signal from this key level to long the motive wave (v) towards 1.1111 and could break higher but should not go beyond 1.12. This view can only be rendered futile in case the pair end up below 1.0864, if this is the case, then an impulsive wave count towards 1.05867 will be inevitable. Expect an exact opposite wave counts in USDCHF, and USDJPY, these pairs will have exact opposite wave count with EURUSD during this intraday. Trade Recommendation: Expect a possible bullish price movements towards 1.111.
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