EURUSD Elliot Waves Analysis For 30 December 2015
30 December 2015, EUR/USD
EUR/USD is currently trading with bearish bias. During the previous trading day, Euro traded short and even crossed and closed below a very significant key support 1.093. As long as the pair trades below this level, we will look for short positions with an ultimate target at 1.081. Any clear movements above 1.093 will call for long positions with targets above 1.101.
This pair should be traded alongside other pairs such as CHF/HKD,EUR/HKD, EUR/SGD, and GBP/USD. These pairs have as a strong positive correlation of up to +0.95 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
As long as the pair trades below 1.093, look for short positions with an ultimate target at 1.081. Any clear movement above 1.093 will call for long positions with targets above 1.101.
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