Elliott Wave analysis: EUR/USD turns up for a corrective rally
|Shanghai city’s authorities allowed some institutions to resume work after no new coronavirus cases. So that's positive for stocks that were higher recently. Also, FED and ECB are ready for higher rates if data will be good in the upcoming months. ECB specifically mentioned that they will make the first rise this summer and that they are ready to move from negative rates quickly. So in my view, I think EUR can be more interesting for a bullish run than USD as ECB still has to take some actions while FED is already in process of hikes. So the gap between CB policies can narrow and that can take a pair higher. From an Elliott wave perspective we see pair recovering in wave A, the first leg of a higher degree correction, so be aware of more gains in sessions ahead. EUR is also catching up the DAX after that divergence last week.
Get Full Access To Our Premium Analysis For 14 Days. Click here!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.