Elliott waves for Forex correlation analysis – Wait for corrections


Wait for corrections

Wave Analysis:

During the previous trading day, euro rose tremendously and even went above the resistance level 1.2266. As long as the price is above this zone, we expect a possible bullish price movements but should not go beyond the resistance level 1.2355, if this resistance is broken, then we expect further rally towards 1.30, as it is on the hourly chart above, we expect a possible correction towards 1.2266 to long this pair at the least risk possible. This pair should be traded alongside GBPUSD, NZDUSD and EURHKD. These pair has a strong positive correlation of up to +71% to the euro and will move in the same direction today.

Trade Recommendations:

Rebuy euro around 1.2266 towards 1.2355

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