EURUSD Elliot Waves Analysis For 11 February 2016
11 February 2016, EUR/USD
EUR/USD is currently trading just below a very significant resistant level 1.1316. Unless the price breaks above 1.1337, we will be keen to look for short positions below 1.1316 with our targets at 1.1213 and 1.1128. A close above 1.1337 would mean we are headed long but with an ultimate target at 1.147. This pair should be traded alongside other positively correlated pairs such as EUR/GBP, EUD/AUD and EUR/HKD . These pairs have a strong positive correlation of up to +0.99 and are thus expected to have a similar price pattern. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
As along as the pair trades below 1.1316, look for short positions with your targets at 1.1213 and 1.1128. A close above 1.1337 would mean looking for long positions but with your target at 1.147
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