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EURUSD Elliot Waves Analysis For 16 December 2015

16 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 16 December 2015

Wave Analysis:
EUR/USD is currently trading with a bearish bias. The pair traded short as previously forecasted but could not close below a key support level 1.0923. Though we are expecting a massive downward movement in the long run, we are waiting for a clear break below 1.0923 for us to go short with an ultimate target at 1.08083. As Long as the pair trades above 1.0938, we are long with targets above 1.1054. This pair should be traded alongside other positively correlated pairs such as EUR/HKD, EUR/GBP, EUR/JPY, and EUR/CAD. These pairs have a strong positive correlation of up to +0.86 and are thus expected to move in a similar direction.

Trade Recommendation:

Sell below 1.0923 with targets below 1.08083.Buy above 1.0938, with targets above 1.1054

Graham Osano
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