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EURUSD Elliot Waves Analysis For 5 January 2016

05 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 5 January 2016
Wave Analysis:
EUR/USD is currently trading along a very significant support level 1.080. We are waiting for a clear break below1.08 to go short with targets at 1.066, and 1.055. But as long as this level hold true as a strong support, we will be keen to look for long positions with targets at 1.086 and 1.1025. This pair should be traded alongside other pairs such as EUR/NZD, EUR/JPY, EUR/HKD, EUR/CAD, and EUR/AUD. These pairs have a strong positive correlation of up to +0.90 and are thus expected to have a a similar price direction. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Wait for a clear break below 1.080 then go short with targets at 1.066, and 1.055. But as long as this level hold true as a strong support, we will be keen to look for long positions with targets at 1.086 and 1.1025.

Graham Osano
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