Elliott waves for Forex correlation analysis – Remain long with your target at 1.2486


Wave Analysis:

During the previous trading day, there was a significant extension of the impulsive wave (5) to the upper side and is still pretty much bullish both on the daily and the weekly charts. During this intraday, we expect a possible extension of this impulsive wave but should not go beyond 1.2441 by the close of this week. On this chart, a key support can be seen at 1.20219, while a key resistance can be seen at 1.2486, if these levels are broken, then we expect a potential trade depending on the direction of the break. The overall trend is upwards, therefore a rally towards 1.2486 is highly anticipated. This pair has a strong positive correlation to GBPAUD, GBPCHF and GBPHKD.

Trade Recommendation:

Remain long with your target at 1.2486

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