EURUSD Elliot Waves Analysis For 5 February 2016
05 February 2016, EUR/USD
EUR/USD is currently trading along a very significant daily resistant 1.1208. Unless the price close above 1.123, we will have remain on the sidelines. A close below 1.1164 would mean we are headed short but with our target at 1.1070. Euro should be traded alongside USD/JPY, these pairs have a strong inverse correlation of up to -0.95 and are thus expected to move in an exact opposite direction. Only buy or sell Euro if usd/jpy is giving an exact opposite signal.
Buy above 1.1236 with your target at 1.129 and 1.137. Sell below 1.1164 with your target at 1.1070
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