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EURUSD Elliot Waves Analysis For 4 January 2016

04 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 4 January 2016
Wave Analsysis:
EUR/USD is currently trading with a bearish bias. During the course of the previous week on Thursday, Euro fell but did not reach our target of 1.081. We still expect further movement to this level, but should the price turn bullish, then we will look for long positions with targets at 1.10.
Traders trading this pair should observe closely other pair such as EUR/SGD, EUR/HKD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.85 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.

Trade Recommendation:

Remain short with a target at 1.081. Any clear break below 1.081 will call for further short positions with targets below 1.05

Graham Osano
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