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EURUSD Elliot Waves Analysis For 29 January 2016

29 January 2016, EUR/USD

EURUSD Elliot Waves Analysis For 29 January 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading bay, Euro traded long and even crossed and closed above the the upper resistive trend line forming top of the falling channel, Unless there is a clear break below this trend line, we will be long with our target at 1.105. This pair should be traded alongside other pairs such as EUR/AUD, EUR/CAD, EUR/NZD, GBP/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.96 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:

In case of a clear break below the upper resistive trend line, sell the pair with your target at 1.064. Otherwise, remain long with your target at 1.105

Graham Osano
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