Elliott waves for Forex correlation analysis – Euro fail to sustain the break above 1.06087

EURUSD – Up Wave Analysis: Despite yesterday’s gap above 1.0608, Euro could not sustain this breakout, instead, the pair crushed down and even broke below the lower trend line and is still pretty much bearish on both the daily and monthly chart. During this intraday, we expect a possible bearish price rally to the lower side. The anticipated downward rally is the continuation of the impulsive wave (c) towards 1.05525 and may break even lower. This view can only be invalidate in case the pair end up breaking above the immediate upper trend line, if the latter is the case, then a bullish acceleration towards 1.0688 is inevitable. Expect a similar wave count in NZD/USD, and AUD/USD. These pairs will have a similar price action during this intraday. Trade Recommendations: Expect a possible bearish price rally towards 1.05525. Buy positions are only recommended above 1.06306 with an ideal target at 1.0874
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