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EURUSD Elliot Waves Analysis For 23rd November 2015

23 November 2015, EUR/USD

EURUSD Elliot Waves Analysis For 23rd November 2015

Wave analysis

EURUSD is currently trading with a bearish bias. We anticipated a thee wave rally, with wave (a) closing at 1.08397, however, based on the current wave structure, wave (5) might still be headed short probably up to 1.04978, before we begin the three wave rally. We will thus go short below 1.06171. However, in case the price successfully closes above the immediate red resistive trend line, then long positions will be ideal, we'll be rallying upwards probably up to 1.08405. Traders trading this pair should observe other pairs such as EUR/HKD, and EUR/CAD for similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Sell below 1.06171, with target at 1.04978. Any movements above the red trend line will signal further movements to the upper side.
Graham Osano
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