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Elliott waves for Forex correlation analysis – Short towards 1.1120

EURUSD – Up

Short towards 1.1120

Wave Analysis:

Euro is still oscillating within a tight range, not going above 1.1690 or below 1.1580. As long as this pair remains within this range we choose to remain flat. Our expectations is that the price should break clearly below 1.1580 to continue short with the impulsive wave (c) with our target still fixed at 1.1120. If the price can go beyond 1.1690, then an acceleration towards the daily resistance level 1.1873 is anticipated. This pair should be traded alongside CADJPY, NZDJPY and CHFJPY. These pairs have a strong negative correlation to euro and will move in opposite directions:

Trade Recommendations:

Short towards 1.1120

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