Elliott waves for Forex correlation analysis

After successful activity from sellers, which led to a new low, buyers responded, quickly regaining half of their lost positions. This is likely the limit of the euro’s strength, as this rebound is seen as a correction in an emerging downward cycle driven by the development of wave 3 of a bearish

The pound followed the euro’s lead and also attempted an active campaign to recover lost positions. The plan was successful, with the price rising and regaining more than half of the previous decline. However, this activity from buyers is seen as a correction in an emerging downward impulsive move

The dollar failed to continue its strengthening. The 61.8% Fibonacci level appears to be an insurmountable obstacle for the price. The assumption of a prolonged impulsive decline is highly likely to materialize. The price is tentatively attempting to move downward. Over time, the rate of decline w