EURUSD Elliot Waves Analysis For 21 December 2015

21 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For  21 December 2015
Wave Analysis:
EUR/USD is currently trading with a Bullish bias. The pair retraced back to1.080 but bounced off and is currently trading above it. We expect the current upward movement to continue long with our target at 1.092 or even above it. However, should the price shoot downward and close below 1.080, then we will go short with our target along 1.055. This pair should be traded alongside other pairs such as EUR/HKD, EUR/JPY, and CHF/HKD. These pairs have a strong positive correlation and are thus expected to move in a similar direction.

Trade Recommendation:

Remain long with your target above 1.092. In case the pair move short and close below 1.080, then go short with a target at 1.055.

Graham Osano
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