EURUSD Elliot Waves Analysis For 14 January 2016

14 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 14 January 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro found a support at 1.08 and headed long but could not reach our target of 1.093. We are waiting for price to turn bearish from 1.093 for us to go short with ultimate targets along the green supportive trendline. In case of a clear break out above 1.096, then we will be looking for long positions with targets above 1.102. Euro should should be traded alongside other positively correlated pairs such as GBP/AUD, and EUR/GBP. These pairs have a strong positive correlation of up to +0.89 and are thus expected to have a similar price actions. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain long with a target at 1.093. Any close above 1.096 will mean continuing long with targets above 1.102. In Case of a clear bounce from 1.093, then go short with your targets along the lower supportive green trendline.

Graham Osano
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