Elliott waves for Forex correlation analysis – Short now towards 1.2293.

EURUSD – Up

Short now towards 1.2293.

Wave Analysis:

Yesterday, euro declined just slightly to the lower side but is still above 1.2293. We expect a possible bearish momentum to this target and even a breakout to continue be even lower. According to the 4 hour chart above, you could pick a short position now and have your take profit at 1.2293, alternatively you could wait for a breakout below to pick another short position. A rebound from 1.2293 will call for a long position towards 1.2505, this pair should be traded alongside EURHKD, EURSGD, GBPUSD, and AUDUSD. These pairs have a strong positive correlation of up to +63% and will move in the same direction today.

Trade Recommendations:

Short now towards 1.2293.

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