EURUSD Elliot Waves Analysis For 13 January 2016

13 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 13 January 2016
Wave Analysis:
EURUSD is currently trading with a bearish bias. During the previous trading, euro got rejected from 1.09, went short and is currently receiving some support at the minor support 1.08. We expect the downward movement to continue for wave (5) to close below 1.07, but should find a major support along the green supportive trend line. This pair should be traded alongside other positively correlated pairs such as EUR/CAD, EUR/AUD, and EUR/HKD. These pairs have a strong positive correlation of up to +0.98 and are thus expected to have 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 close below 1.08, then go short with ultimate targets at 1.07, and the green supportive trend line.

Graham Osano
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