EURUSD Elliot Waves Analysis For 15 December 2015
15 December 2015, EUR/USD
EUR/USD is currently trading with a slight bearish bias. During yesterday's trading day, the pair tested a key resistant level 1.1045 but ended up closing below it. We are waiting for a clear break above 1.1045 to mark a continuation of the current upward trend . Any clear close below 1.0923, will call for short positions with targets at 1.0789 and even further below. This pair should be traded alongside other pairs such as EUR/GBP, EUR/CAD, EUR/SGD and EUR/JPY. These pairs have a strong positive correlation of up to +0.89 and are thus expected to have a similar chart patterns, therefore, only buy or Eur if all the positively correlated pairs are giving the same signal.
Conservative traders should wait and buy above 1.1026 with an ultimate target at 1.111, and sell below 1.09233 with a target at 1.0806
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