EUR/USD Forecast: expect this level to have the end of the immediate corrective three wave cycle

news_22_feb_3_euro_usdWave Analysis:

Instead of continuing short, the impulsive wave (c) ended slightly earlier than expected and could not go beyond 1.2330. We expect this level to have marked the end of the immediate corrective three wave cycle, and that the current bullish price rally is an impulsive wave count and should head towards 1.2530. With that in mind, we’re looking for a possible buy position with an ultimate target at 1.2530. This view can only be rendered futile in case the price end up breaking below 1.2380, this being the case we expect a possible bearish rally towards 1.2286. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD and EURHKD. These pairs have a strong positive correlation of up to +62% and will move in the same direction today.

Trade Recommendations:

Remain long towards 1.2530

Origin: FreshForex

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