Elliott waves for Forex correlation analysis – EURUSD Elliot Waves Analysis For 25 August 2016

EURUSD – Up Wave Analysis EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted and is still pretty much bearish on the daily chart. We expect the massive downward rally witnessed during the previous trading day to be the unfolding of wave (c) but should not go beyond 1.1155, a clear breakout below 1.1155 may drive the price further to the lower side. The current upward rally is a mere retracement and should not go beyond 1.1276, a clear breakout above this level may invalidate the anticipated downward rally. This pair should be traded alongside GBP/USD, AUD/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday. Trade Recommendations: Remain short with the previous day’s sell positions with your ideal target at 1.1155.
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