EURUSD Elliot Waves Analysis For 9 February 2016

09 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 9 February 2016
Wave Analysis:
EUR/USD is currently trading along a very significant resistant level 1.121. Unless the price closes above 1.1235, we will be keen to sell the pair but with our targets at 1.1134 and1.1073. This pair should be traded alongside other positively correlated pairs such as EUR/AUD, EUR/CAD, EUR/GBP, and EUR/ZAR. These pairs have a strong positive correlation of up to +0.92 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 Recommendations:

As along as Euro trades below 1.1215, remain short but with your targets at 1.1134 and1.1073. Only buy above 1.1235 with your target at 1.1344 and1.1471

Graham Osano
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