Wave Analysis:
Last week, the impulsive wave (5) extended massively to the upper side and even went above 1.2535, as long as the price is above 1.2535, we expect a possible momentum to the upper side. The anticipated bullish price action is the continuation of the impulsive wave (5) to the upper side but should not go beyond 1.2660. This pair should be traded alongside other positively correlated pairs such as GBPUSD, AUDUSD, NZDUSD and EURHKD. These pairs have a strong positive correlation of up to +52% and will move in the same direction today. Only buy or sell euro if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain long with an ultimate target at 1.2660.
Origin: FreshForex
