Elliott waves for Forex correlation analysis – We’re short from 1.05842

EURUSD – Up Wave Analysis: EUR/USD is currently trading with an increasing bearish momentum. Following the breakout below 1.05842, we expect further bearish wave count towards 1.0429 and possibly lower . The anticipated downward rally is the continuation of the motive wave (5) and the impulsive wave (c) towards 0.9919. As long as the level 1.05842 protects the upper side, a bearish wave count towards 0.9919 is inevitable. Expect an exact opposite wave count in USD/CHF, USD/JPY and USD/CAD. These pairs have a strong negative correlation of up to -86% and will move in opposite price actions during this intraday. As long as the latter pairs remain bullish, remain short in euro. Trade Recommendations: We’re short from 1.05842 with an ultimate target at 0.9919.
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