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Elliott waves for Forex correlation analysis – Bears coming soon

EURUSD – Up

Wave analysis

The EUR has been and is still pulling back towards the daily resistance level at 1.1873.This pull back should not go beyond this daily resistance since the expected bearish move could be invalidated. We expect bears to come back soon and push the impulsive wave (c) lower towards 1.1120.We are waiting for this pull back to end so that we can pick a short position towards 1.1680.You could look for a short position along our daily resistance level 1.1873 with your first target at 1.1680 or if you are hesitant, wait for a break below 1.1680 to short this pair towards 1.1120. A break below 1.1680 is a clear indication that the impulsive wave (c) could extend lower towards our target at 1.1120. This trade is as long as price is below 1.1873 since a break above may invalidate it. This pair should be traded alongside GBPUSD, NZDUSD, AUDUSD, and GBPAUD since these pairs have a strong positive correlation will move in the direction in this intraday.

Trade recommendations

Wait for a break below 1.1680 to short this pair towards 1.1120

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