EURUSD Elliot Waves Analysis For 16 February 2016
16 February 2016, EUR/USD
EUR/USD is trading around the level 1.1143 right now. We are looking for an opportunity for the pair to accelerate to the upper side in a corrective manner for us to continue short. It should be noted that the correction may likely continue up to 1.121 before we can reverse from there. It will therefore be wise to look for short positions from 1.121. The anticipated short position should be have a target at 1.1128 or even further down to 1.0935. This pair should be traded alongside other positively correlated pairs such as EUR/GBP, EUR/CAD, and EUR/AUD. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price direction. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Remain long but only up to 1.121. However, if the price should turn bearish before reaching 1.121, it is wise to Take your profits and sell the pair immediately with your ultimate target at 1.09351
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