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EURUSD Elliot Waves Analysis For 19 February 2016

19 February 2016, EUR/USD

EURUSD Elliot Waves Analysis For 19 February 2016
Wave Analysis:
EUR/USD is currently making an upward retracement towards 1.1128. We expect the retracement to go only up to 1.1143 from where we will look to sell the pair. During this trading, unless the price closes successfully above 1.1151, we will be keen to look for sell positions in this pair. Buy orders are only recommeded above 1.1151 with your ultimate target at 1.1213. This pair should be traded alongside other positively correlated pairs such as EUR/GBP, EUR/AUD and CHF/HKD. These pairs have a strong positive correlation of up to +0.96 and are thus expected to move in a similar direction. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Unless the price closes above 1.1151, look for short positions with your ultimate target at 1.093. Buy orders are only recommeded above 1.1151 with your ultimate target at 1.1213

Graham Osano
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