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EURUSD Elliot Waves Analysis For 19 January 2016

19 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 19 January 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, wave (4) went a bit higher tested the upper trendline forming top of the falling channel. The pair then went short and found support along 1.0878. We are waiting for a close below 1.08664 to continue short with wave (5). We expect wave (5) to have an ultimate target along the lower trend-line at 1.06. Should Euro end up closing above 1.0903, we will be keen to hunt for for long positions our target at 1.0984. Traders trading this pair should observe closely other pairs such as EUR/AUD, CHF/HKD, and EUR/HKD. These pairs have a strong positive correlation of up to +0.93 and are thus expected to have a similar price direction. Only buy or sell Euro if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

Sell below 1.086 with your target at 1.064. Buy above 1.0903 with your target at 1.0984

Graham Osano
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