Elliott Wave Analysis On EURUSD
EURUSD is recovering as stocks turned lower, but pair has a nice three wave bounce so move should be considered as corrective. We are looking at wave four that can reach more upside ahead of ECB tomorrow. There is first resistance at 1.1216 followed by second one at 1.1243. Technical, this structure looks nice for possible short in sessions ahead, but I would be careful since 10 year US notes turned up. Bullish 10 yer US notes means lower yields which suggests lower USD as well. So with that been said, I would rather focus on some long JPY trades which can play-out better in this environment based on inter-market analysis and correlations.
10 Year US Notes vs EURUSD (more gains on 10 year can mean higher EURUSD)
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