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EURUSD Elliot Waves Analysis For 12 February 2016

12 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 12 February 2016
Wave Analysis:
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.

Trade Recommendations:

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.

Graham Osano
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