EURUSD Elliot Waves Analysis For 23 December 2015
23 December 2015, EUR/USD
EUR/USD is currently trading with a slight bearish bias. Wave (4) went a bit higher crossed and even closed above a key resistant level 1.092. We expect the current downward movement to retrace back to 1.092 before we continue long. As long as the pair trades above 1.093, we are long, any clear breakout below 1.092 will call for short position with targets below 1.081. Ideally, a close below 1.092 will mean a continuation of wave (5). This pair is strongly positively correlated to EUR/HKD, EUR/GBP, and EUR/AUD. These pairs have a strong positive correlation and are thus expected to move in a similar direction. Only buy or sell Eur if all the other positively corerrelated pairs are showing the same signal.
As long as the pair trades above 1.093, look for long positions with targets above 1.100. Any clear breakout below 1.092 will call for short position with targets below 1.081
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