Elliott waves for Forex correlation analysis – EURUSD Elliot Waves Analysis For 26 August 2016

EURUSD – Up Wave Analysis EUR/USD is currently trading with a bullish bias. Yesterday, the pair retraced to the upper side and ended up breaking above 1.1276, although we anticipate further movements to the upper side, we cannot rule out the possibility of a breakout below 1.1267. If the latter is the case, then we expect a rally to the lowerside but should not go beyond 1.1222. This pair should be traded alongside GBP/USD, AUD/USD, NZD/USD and EUR/HKD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday. Trade Recommendations: As long as the pair trades above 1.1276, remain long with an ideal target at 1.1334. A clear breakout below 1.1267 will call for short positions with an ideal target at 1.1222.
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