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EURUSD Elliot Waves Analysis For 4 Dec 2015

04 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 4 Dec 2015
Technical View:
EUR/USD is currently trading with a very slight bearish bias. The pair traded long as previously forecasted and ended up closing along the red resistive trend line. Due to the massive upward movements witnessed during the previous trading day, we are very reluctant to go short, we will however buy above this red trend line with target at 1.11115. Traders Trading this pair should observe other positively correlated pairs such as EUR/GBP, EUR/HKD, and EUR/AUD for similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal
Trade Recommendation:

Buy above the red trend line with target at 1.11115, and stop loss at 1.08838.

Graham Osano
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