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EURUSD Elliot Waves Analysis For 10 February 2016

10 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 10 February 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro traded perfectly long and is still pretty much bullish. Following this massive move on the upper side, we will not sell the pair in the meantime, instead, we will look for long positions with an ultimate target at 1.1473. This pair should be traded alongside other positively correlated pairs such as EUR/CAD, EUR/GBP and NZD/USD. These pairs have a strong a positive correlation of up to +0.97 and are thus expected to have a similar direction. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:

Remain long but with an ultimate target at 1.1473. Only sell below 1.1209 with you target at 1.1033

Graham Osano
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