EUR/USD Forecast. Elliott waves for Forex correlation analysis

eur-usdWave Analysis:

During the previous trading day, Euro rebounded perfectly from the supportive zone 1.1733-1.1713, headed long and is still bullish. We expect this upward rally to be a mere correction of the previous impulsive wave and should not continue long for long. We expect it not to go beyond 1.1835 where we’ll be looking to sell it at the least risk. A rebound around 1.1835 is highly anticipated since the intraday stochastic is already above its overbought level of 80 and should pull down to the lower side, thus, while the price will be around 1.1835, and the intraday stochastic above 80, we’ll be looking for short in this pair. Trade this pair a alongside CHFJPY, USDJPY and USDCHF. These pairs will have a positive correlation during this intraday.

Trade Recommendations:

Sell positions will be more ideal below 1.1713 with an ideal target at 1.1626.

Sell positions will be more ideal below 1.1713 with an ideal target at 1.1626.

Origin: FreshForex

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