EURUSD Elliot Waves Analysis For 17 December 2015

17 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 17 December 2015
Wave Analysis:
EUR/USD is currently trading with a bearish bias. The pair crossed and closed below a very significant demand level 1.09239 but could not not reach the support level 1.08083. We are waiting for further downward movements towards this level or even below it for us to continue short. We will also be looking for potential buy positions around this level. If you want to trade Euro successfully, consider taking a closer look at other pairs such as EUR/JPY, EUR/HKD, and CHF/HKD. These pairs have a strong positive correlation of up to +0.90 and are thus expected to have a similar price action. Only buy or sell Euro if all the other currency pairs are giving the same signal.

Trade Recommendation:

Look for further sell positions below 1.0808 with targets below 1.0556. On in case of a clear bounce along 1.0808, then buy with your target at 1.092

Graham Osano
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