EURUSD Elliot Waves Analysis For 26th November 2015
26 November 2015, EUR/USD
The pair is on a downward channel formation. Not going above the red trend line and below the green trend line. During this intraday, we expect further movements towards the green trend line before we continue long. Thus, we remain short with targets below 1.05670. Day Traders should observe other positively correlated pairs such as EUR/JPY, EUR/GBP, and CAD/HKD for similar price movements. These pairs have a strong positive correlation of up to +0.96, and are thus expected to follow a similar price pattern. Therefore, only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Remain short in this pair with targets at 1.05670, and the next target at 1.04926.
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