Elliott Wave Analysis: EUR/USD and DAX In A Negative Correlation

Gregor Horvat Wavetraders

Good morning traders!

EURUSD is slowly ticking around projected 1.1400 resistance, and can be undoling an ending diagonal within a wave v), so watch out for a potential drop into a three-wave a-b-c pullback soon.

EURUSD, 1h

At the same time, we see DAX around important 12200 support area, but only if stock manages to turn back above 12340 region, only then we may consider a completed correction in wave 2.

Invalidation level remains at 11985.

German DAX, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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