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EURUSD Elliot Waves Analysis For 31 December 2015

31 December 2015, EUR/USD

EURUSD Elliot Waves Analysis For 31 December 2015
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro made little movements towards our set targets, during this intraday, we put our focus on 1.087 to act as a good support, and 1.036 as a significant resistant. Any clear movement below 1.087 will call for short positions with targets below 1.017, and any clear breakout above the upper resistive trend line will call for long positions with targets above 1.036. This pair should be traded alongside other pairs such as EUR/HKD, GBP/USD and EUR/SGD. These pairs are strongly positively correlated and are thus expected to have a similar price action.

Trade recommendation:

Any clear movement below 1.087 will call for short positions with targets below 1.017, and any clear breakout above the upper resistive trend line will call for long positions with targets above 1.036

Graham Osano
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