Elliott waves for Forex correlation analysis – We’re short


We're short

Wave Analysis:

Euro continues to drop in price perfectly as previously forecasted and could drop even further. As long as the price remains below 1.1672, we expect a possible extension of the impulsive wave (C) to the lower side but should not go beyond 1.1120. If this support is breached, then further drop towards 1.10 is expected. This pair should be traded alongside CADJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell euro if the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Remain short towards 1.1120

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