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EURUSD Elliot Waves Analysis For 20 January 2016

20 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 20 January 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, euro tested 1.08, but could not continue short, instead, it ended up up trading long and is currently struggling along a very significant resistant level 1.095, a break above this level would mean we are headed further long with our TP at 1.098. Ideally, we expect a bounce from 1.095 or 1.098 for us to continue short with wave (5). The anticipated downward movement should have a an ultimate stop at 1.064. This pair should be traded alongside other positively correlated pair such as EUR/GBP, CHF/ZAR, CHF/HKD and USD/TRY. These pairs have a strong positive correlation of up to +0.98, 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 Recommendation:

Remain Flat for now and sell upon a clear bounce from 1.098, with your targets at 1.085 1.064 or buy above 1.099 with an ultimate target at 1.1704

Graham Osano
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