EURUSD Elliot Waves Analysis For 15 January 2016

15 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 15 January 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro traded long but found a resistant along 1.093. Unless, there is a clear break out above 1.0938, we will be keen to look for short positions along 1.0923 with an ultimate target along the lower green trend line. The anticipated downward movement should mark the continuation of wave (5) to end the five wave cycle. This pair should be traded alongside other positively correlated pairs such as GBP/AUD, and EUR/SGD. These pairs have a strong positive correlation of up to +0.85 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As along as the pair trades below 1.0923, look for long positions with ultimate targets along the lower green trendline. Any clear cross above 1.0938 will call for long positions with your target at 1.1025

Graham Osano
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