EURUSD – Up
Wave Analysis
The Euro retraced to thew lower side but could not go beyond the end of the inner corrective wave (iv). The just witnessed retrecement is a flat correction, and should not go beyond the support level $1.1055. This pair remains under bullish pressure following the breakout above $1.1055 and will likely head further to the upper side. Expect a similar wave in GBP/USD, the cable broke above a key resistance level $1.2438 and will likely head further to the upper side. As long as the cable remain above $1.2438, expect a possible bullish price movements in Euro. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday.
Trade Recommendations
If you are not long already, wait and buy upon a clear rebound from $1.1055
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
The post Elliott waves for Forex correlation analysis – Remain long appeared first on forex-analytics.press.
