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EURUSD Elliot Waves Analysis For 15 December 2015

15 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 15 December 2015
Wave Analysis:
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.

Trade Recommendation:

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

Graham Osano
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