Elliott waves for Forex correlation analysis – We’re long

EURUSD – Up Wave Analysis: Yesterday, Euro traded on the higher ranges and even broke above the resistive trend line forming top of the rising channel. We expect Monday’s retracements towards 1.08649 to be the end of the corrective wave (4), that the current upward rally is the unfolding of the impulsive wave (5) to the upper side but should not go beyond 1.1138. Ideally as long as the price remains above this trend line, we expect an acceleration to the upper side. This view will only be invalidated in case the pair end up retracing below 1.08649, if this is the case, then an acceleration to the lower side is inevitable. Trade this pair alongside USDCHF and USDJPY. These pairs will move in an exact opposite price action to EURUSD during this trading day. Trade Recommendations: Expect a possible bullish price movements towards 1.1138.
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