EURUSD Elliot Waves Analysis For 24th November 2015
24 November 2015, EUR/USD
EUR/USD is currently trading with a Bullish. Wave (5) went lower than expect up to 1.05931 and could probably be headed further short. We are waiting for a breakout above the red trend line before being sure of the end of the five wave cycle. Any clear breakout above this trend line will signal the beginning of a corrective three wave cycle. Since USD/JPY, a strongly negatively correlated pair, is already on a similar but opposite direction move, the anticipated three wave move in Euro is long overdue. In an alternative scenario, should the pair close below 1.05708, then further downward movements may result with targets at 1.05187, and 1.04567.
Any clear breakout below 1.05708 will call for short positions with targets at 1.05187, and 1.04567. Any clear breakout above the red trend line will call for long positions with an ultimate target at 1.08293.
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