Elliott waves for Forex correlation analysis – Expect a possible bullish price movements towards 1.12475.

EURUSD – Up Wave Analysis: According to the monthly chart above, we still expect further bullish price movements to the upper side but should not go beyond the resistance level 1.12475. Following the break above the resistance level 1.08649 on the daily, we expect further movements to the upper side but should not go beyond the monthly resistance 1.12475. Although this upward rally is highly anticipated, we cannot refute the fact that this pair could turn bearish especially around 1.11372 and head on the lower ranges; if this should be the case, then we’ll short the impulsive wave (5) towards our monthly target at 0.96930. This pair should be traded alongside GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar wave count during this intraday. Trade Recommendations: Expect a possible bullish price movements towards 1.12475.
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