Elliott waves for Forex correlation analysis – Resell euro around 1.2282

EURUSD – Up

Resell euro around 1.2282

Wave Analysis:

For the past two days, we’ve seen a possible correction of the previous impulsive five wave cycle but we’re still below 1.2282, during the course of this trading day, we expect a possible extension of the corrective wave (b) to the upper side but should not go beyond 1.2282, where we’ll be looking to sell the impulsive wave (c) with an ultimate target at 1.2166 or even lower. If you did not go short on the first attempt to break above it, you could wait and sell again upon a rebound from 1.2282. This pair should be traded alongside EURHKD, EURAUD, GBPUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
Resell euro around 1.2282 with your target at 1.2166

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