EURUSD Elliot Waves Analysis For 23 February 2016
23 February 2016, EUR/USD
EUR/USD is currently making an upward rally towards the now resistant level 1.1080. Expect the price to rebound from this level otherwise; a clear break out above the pivot level 1.1103 will call for long positions with targets at 1.1331 and 1.1373. We will therefore execute short positions upon clear rebound from 1.1331, or buy upon a clear breakout above 1.1099. This pair should be traded alongside other positively correlated pairs such as EUR/HKD, EUR/AUD, EUR/CAD and EUR/ZAR. These pairs have a strong positive correlation of up to +0.96 with Euro 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.
In the meantime, sit on the sidelines and only sell upon a clear rebound from 1.1080 with your target at 1.095. A beak out above 1.1099 will call for long positions with targets at 1.133
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