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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.

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