EURUSD Elliot Waves Analysis For 27 January 2016 | 27 January 2016
27 January 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a slight bullish bias. Unless there is a clear break above 1.087, we will remain short with wave(5) and have our targets at 1.06 and the lower supportive trend line. Otherwise, if a break out above 1.087 is witnessed, then we will buy the pair with our target at the upper resistive trend line. This pair should be traded alongside other pairs such as EUR/SGD, EUR/SEC, EUR/HKD, CHF/HKD and CHF/ZAR. These pairs have a strong positive correlation of up to +0.93 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 Recommendations:
As along as 1.0871 holds true as a strong resistant, remain short with your target at 1.063. Only buy upon a clear break out above 1.087.
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