EURUSD Elliot Waves Analysis For 3 February 2016

03 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 3 February 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. We expect to continue short with the red wave(c) but only up to the lower supportive trend line. We will thus continue to hold short positions but with our targets at 1.087 and 1.0833. This pair should be traded along side other inversely correlated pairs such as USD/DKK, and USD/CZK. These pairs have a strong negative correlation of up to -1 with Euro. They are thus expected to move in an exact opposite direction to Euro. Therefore, only buy Euro if all the other negatively correlated pairs are showing sell signal.

Trade Recommendation:

Remain Short with your targets at 1.087 and 1.0833.

Graham Osano
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