Elliott waves for Forex correlation analysis – Bulls back in control


EURUSD - Up Wave Analysis: As previously forecasted, the impulsive wave (v) extended higher and could extend even higher during this intraday. This upward rally is highly anticipated since the price closed above a key daily level 1.1463. As long as the price remains above this level, we expect a possible extension of this impulsive wave but should not go beyond the resistance level 1.1614. A break above will push the price further upwards with the next target at 1.2468. This pair should be traded alongside USDJPY, USDCHF, CADJPY and CHFJPY. These pairs have a strong negative correlation of up to -62% and will move in exact opposite price action during this intraday, Trade Recommendations: Expect a possible bullish price rally towards 1.1614
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