Elliott waves for Forex correlation analysis – Upperside restricted as long as below 1.05842

EURUSD – Up Wave Analysis: Yesterday, Euro opened at 1.05525, went as high as 1.5840 and as low as 1.05167 but ended up closing at 1.05526, just a pip above it’s opening price. The previous day’s candle is a perfect indecision candle below a key level 1.05842. We expect this level to restrict any upward invasion as long as the pair trades below it, any clear breakout above 1.06301 may invalidate the anticipated long term downward rally and could culminate into a possible bullish price movements towards 1.0894. We expect the current upward rally to be a mere correction of the impulsive wave (5) and should not go beyond 1.05842. Expect a similar wave count in NZD/USD, AUD/USD and GBP/USD. These pairs will have a similar price action during this intraday. Trade Recommendations: As long as the level 1.05842 protects the upper side, expect a possible bearish price rally towards 0.9919
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