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EURUSD Elliot Waves Analysis For 25 January 2016

25 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 25 January 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded long and ended up finding a resistant at 1.105, marking the end of wave (4). We expect the current downward movement to be the continuation of wave (5) with a target at 1.06 or even lower to 1.05. This pair should be traded alongside other pairs such as CAD/HKD, CHF/JPY, EUR/CAD, CHF/ZAR and EUR/NOK. These pairs have a strong positive correlation of up to +0.93 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positive correlated pairs are giving the same signal.

Trade Recommendations:

Remain short with your targets at 1.063 and 1.050.

Graham Osano
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