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EURUSD Elliot Waves Analysis For 11 December 2015

11 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 11 December 2015
Wave analysis:
EUR/USD is currently trading with a bearish bias. Euro failed to hit our target 1.107 and instead headed short from 1.104 and is currently trading just below a daily support level 1.093. Wave (c) ended at 1.104, therefore as long as the pair trades below 1.093, we will hold on to short positions. This pair should be traded alongside other pairs such as EUR/JPY, EUR/CHF, EUR/GBP and EUR/HKD. These pairs have a strong positive correlation with Euro, and are thus expected to move in similar chart pattern .

Trade Recommendation:

As long as the pair trades below 1.093, remain short with target at 1.081. Any clear movements above 1.093 will call for long positions with targets above 1.104

Graham Osano
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