We are now finally seeing a reversal on stocks into risk-on mode as USD trades lower. China is also looking to stimulate its economy to fight the recent economic issues because of Covid. EURUSD is turning up and looks like there will be more upside coming on hawkish ECB comments.
From an Elliott wave perspective, we see nice five waves up, so more gains can follow after a three wave retracement. If you want to look for longs, waiting on a pullback may not be a bad idea.
Negatively correlated USDCHF currency pair confirms our view. Check our chart HERE