EURUSD Elliot Waves Analysis For 27th November 2015

27 November 2015, EUR/USD

EURUSD Elliot Waves Analysis For 27th November 2015
Wave Analysis:
EUR/USD is currently trading with a slight bullish bias. The pair traded short during yesterday's trading day but could not close below a daily support 1.05650. We are waiting for further downward movements towards this level before we can go long. As long as the pair trade above this support level, short positions will be ideal for trading. In an alternative scenario, should the pair close above 1.06404, then long positions will be ideal for trading. This pair has a positive correlation of up to +0.96 with pairs such as EUR/JPY, EUR/HKD, and EUR/CAD and are thus expected to move in the same direction. Therefore, only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with targets at 1.05659, and 1.04567.

Graham Osano
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