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EURUSD Elliot Waves Analysis For 18 December 2015

18 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 18 December 2015
Wave Analysis:
EUR/USD is currently trading with a bullish bias. The pair went short as previously forecasted end even hit our target 1.0808. Following the massive downward movements witnessed during the previous intradays, we are very reluctant to hold on to long positions. We are waiting for a close below 1.0813 to continue short with targets below 1.0556, or a close above 1.0863 to buy with targets above 1.0923. Euro should be traded alongside other positively correlated pairs such as EUR/HKD, EUR/CHF, CHF/HKD, and EUR/JPY. These pairs have a strong positive correlation of up to +0.85 and are thus expected to move in a similar direction. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Wait for a close below 1.0813 then go short with targets below 1.0556, or wait for a close above 1.0863 then buy with targets above 1.0923

Graham Osano
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