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EURUSD Elliot Waves Analysis For 7 March 2016

07 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 7 March 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. During the previous trading day, euro retraced to the green supportive trendline but ended up rebounding from it. We expect the price to continue rallying upwards towards 1.1065. We will only buy upon a clear break above 1.1064 with our target at 1.1224 and 1.1338. A clear rebound from the resistive zone 1.1064-1.1084, would mean looking for short positions with our target at 1.0840. Euro should be traded alongside other positively correlated pairs such as EUR/HKD, EUR/JPY and GBP/USD . 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 Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain long but only up to 1.1064. A clear break above this level would mean looking for further long positions with an ultimate target at 1.1224 and 1.1389. A clear rebound from the zone 1.1064-1.1084, would mean looking for short positions with an ideal target at 1.0840.

Graham Osano
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