Elliott waves for Forex correlation analysis – Check 1.2525 for a possible rebound

EURUSD – Up

Check 1.2525 for a possible rebound

Wave Analysis:

Euro continues to pullback upwards but is currently approaching a key resistance level 1.2525, as long this level is not breached to the upper side, we expect a possible double top formation around this level to short this pair with an ultimate target at 1.2286 or even lower. According to the chart attached, we’re waiting for a rebound from 1.2525 to pick a short position, but, if the price goes above 1.2525, then we’ll wait for a break above 1.2545 to confirm a possible rally towards 1.30. This pair should be traded alongside GBPUSD, AUDUSD, NZDUSD, EURHKD and EURMXN. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.

Trade Recommendations:

Flat

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