Elliott waves for Forex correlation analysis – Rebuy euro around 1.2410

EURUSD – Up

Rebuy euro around 1.2410

Wave Analysis:

During the previous trading day, the impulsive wave (5) stretched massively to the upper side and is still pretty much bullish. During this trading day, we expect a possible extension to the upper side and should break above 1.2470 towards 1.25. This view will only be invalidated in case the price end up breaking below 1.2395, this being the case, we expect a possible bearish price movements towards 1.2286. This pair should be traded alongside GBPUSD, EURHKD, EURSGD and EURMXN. These pairs have a strong positive correlation of up +63% and will move in the same direction during this intraday.

Trade Recommendations:

Rebuy euro around 1.2410 towards 1.2470.

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