EURUSD Elliot Waves Analysis For 12 February 2016
12 February 2016, EUR/USD
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded long and even found a resistance along the upper resistive trend line. Unless the price closes above 1.1341, we will remain short but with our target at 1.1213, a close above will call for a long position with our targets at 1.1375 and 1.1471. Euro should be traded alongside other positively correlated pairs such as EUR/CAD, EUR/GBP, EUR/NZD, and EUR/HKD. These pairs have a strong positive correlation of up to +0.96 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.
As long as price trades below 1.1348, remain short with your target at 1.1213. Only buy upon a clear close above 1.1341 with your targets at 1.1375 and 1.1471.
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