Elliott waves for Forex correlation analysis – Remain long towards 1.2570.


Remain long towards 1.2570.

Wave Analysis:

During the previous trading day, the corrective wave (4) extended extensively to the lower side but go go supported around 1.2370. We expect this level to have marked the end of this correction, that the current bullish price rally is the unfolding of the impulsive wave (5) and should break above 1.2570 towards 1.26. . This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD and EURHKD. These pairs have a strong positive correlation of up to +71% and will move in the same direction today. Only buy or sell euro if the other positively correlated pairs are giving the signal.

Trade Recommendations:

Remain long towards 1.2570.

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