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EURUSD Elliot Waves Analysis For 15 February 2016

15 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 15 February 2016
Wave Analysis:
EUR/USD is currently trading with bullish bias. Following our previous forecast, Euro traded along and is currently trading below the key resistant line at 1.1321.We expect further downward acceleration towards 1.1154 or even further down to 1.1059. Although dollar is pretty much weak, Euro remains strongly bearish and may head further to the lower side. Euro should be traded alongside USD/CHF and USD/JPY. These pairs a have a strong negative correlation of up to -0.96 and are thus expected to have a different price action. Meaning, when Euro is long, you should be short in the other pairs.

Trade Recommendations:

Remain short but with your ultimate targets at 1.1154 and 1.1059. Only a clear close above 1.1363 will call fo long positions.

Graham Osano
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