EURUSD Elliot Waves Analysis For 8 January 2016 | 08 January 2016
08 January 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded long as previously forecasted and ended up closing above the key resistant level 1.086, but could not cross above 1.093. The pair is currently on a retracing move towards 1.086, and may go even further down. Thus, an ultimate break below 1.081 will mean we are headed further short with targets at 1.055. However, as long as the pair trades above 1.086, we will look for long positions with targets at 1.093. This pair should be traded alongside other pairs such as GBP/USD, EUR/HKD, CHF/JPY, EUR/AUD and EUR/CAD. These pairs have a strong positive correlation of up to +0.86 and are thus expected to have a similar price action. Only buy or sell Euro is all the other positively correlated pairs are giving the same signal.
Trade Recommedation:
An ultimate break below 1.081 will call for further short positions with targets at 1.055. However, as long as the pair trades above 1.086, look for long positions with targets at 1.093.
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