Elliott waves for Forex correlation analysis – EURUSD to trade on the lower ranges

EURUSD – Up Wave Analysis Yesterday the pair traded short as previously forecasted but is yet to reach our target support level 1.1079. During this intraday, we expect to continue short with the impulsive wave 5 with our target at 1.1079 or even lower. In the meantime, we wait for a clear breakout below 1.1154 to give us the green light to continue short. However, a clear rebound from 1.1152 may culminate into a truncated 5th wave, this may only be validated in case the rebound happens above the end of wave 3. We expect a similar impulsive rally in other positively correlated pairs such as GBP/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this trading day. Trade Recommendations: If you are not short already, wait and go short below 1.1152 with an ideal target at 1.1079.
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