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EURUSD Elliot Waves Analysis For 17 February 2016

17 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 17 February 2016
Wave Analysis:
EUR/USD is currently trading with a strong bullish bias. The pair reversed from1.1128 as shown on the hourly chart and pretty much bullish. There is a very high probability that a higher high towards 1.1175 may be reached thereby pushing the price further to the upperside . It is thus highly recommended to remain long with your ultimate target at 1.1223. This pair should be traded alongside other positively correlated pairs such as NZD/USD, and GBP/CAD. These pairs have a strong positive correlation of up to +0.78. Thus they are expected to have a similar price direction. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain long with your ultimate target at 1.1223

Graham Osano
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