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EURUSD Elliot Waves Analysis For 7 January 2016

07 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 7 January 2016
Wave Analysis:

EUR/USD is currently trading with a bullish bias. During the Previous trading day, euro traded long as forecasted and is still pretty much bullish. We will remain long with an ultimate target at 1.086. Any clear cross over above 1.093 will call for further long positions with targets at 1.102. This is however unlikely since wave(4) must not close above the end of wave (1). This pair should be traded along side other pairs such as EUR/GBP, EUR/JPY, and CHF/JPY. These pairs have as strong positive correlation of up to +0.98 and are thus expected to have a similar price action.Thus, only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommedation:

Remain long with an ultimate target at 1.086. Any clear cross over above 1.093 will call for further long positions with targets at 1.102. Look for buy positions from 1.086

Graham Osano
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