EURUSD Elliot Waves Analysis For 24 February 2016
24 February 2016, EUR/USD
EUR/USD is currently trading along a significant support level 1.0995. A break below this support level would mean the pair is likely to trade in the lower ranges during this intraday. Nonetheless, we will only execute sell orders upon a clear breakout below 1.095 with our first target at 1.082 and the next target at 1.078. Buy positions will only be ideal above 1.108. This pair should be traded alongside other positively correlated pairs such as EUR/HKD, CHF/ZAR, GBP/ZAR and EUR/ZAR. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell if all the other positively correlated pairs are giving the same signal.
Wait for a clear breakout below 1.095 the sell the pair with your first target at 1.082 and the next target at 1.078. Buy positions are only recommended upon a clear beak above 1.108.
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