EURUSD Elliot Waves Analysis For 22 January 2016

22 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 22 January 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, wave (5) traded perfectly short as previously forecasted and even close below 1.085. We still expect further downward movements towards 1.0645. Ideally, wave (5) should close below the end of wave (3), 1.070. This pair should be traded alongside other pairs such as EUR/NZD, CHF/HKD, AUD/CAD, and GBP/CAD. These pairs have a strong positive correlation of up to +0.92, and are thus expected to have a similar price pattern. Only buy or sell euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with an ultimate target at 1.070

Graham Osano
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