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EURUSD Elliot Waves Analysis For 2nd December 2015

02 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 2nd December 2015
Wave Analysis:
EUR/USD is currently trading with a bearish bias. On 19th November 2015, while the price was trading around 1.07637, the intraday stochastic Oscillator was trading 78.33. We expected both the price and the indicator to get back to the same levels at the exact same times, however as it appears, the intraday stochastic is already trading at 78.33, while the price is still 1533 pips away from 1.07637, meaning price will change direction downwards. An opposite scenario. We will therefore go short with targets around 1.05556, and the immediate green trend line support. Traders trading this pair should observe other pairs such as EUR/GBP, EUR/HKD, and AUD/CAD for similar opposite scenario. Opposite scenario is when the price is doing opposite what the stochastic is doing.

Trade Recommendations:

Go short with target at 1.05556,and SL at 1.06438.

Graham Osano
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