EURUSD Elliot Waves Analysis For 22 December 2015

22 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 22 December 2015
Wave Analysis:
EUR/USD is currently trading with a slight bullish bias. Unless there is a clear break above 1.0938, it should mark the end of wave (4). We are waiting for price to unfold downwards from this level towards 1.073 to mark the beginning of wave (5). Ideally, wave (5) should close below wave (3) but above 1.071. This pair should be traded along side other positively correlated pairs such as EUR/HKD, AUD/CAD, and EUR/GBP. These pairs have a strong positive correlation of up to +0.89 and are thus expected to move in a similar direction. only buy or sell Eur if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Sell from 1.092 with targets below 1.073, and SL above 1.093. This view can only be challenged should the price end up closing above 1.094.

Graham Osano
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