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EURUSD Elliot Waves Analysis For 11 March 2016

11 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 11 March 2016

Wave Analysis:

EUR/USD is currently trading with a strong bullish bias. Euro traded perfectly short as previously forecasted but could not go below the support level 1.08224. Instead, it rebound from this level and ended up closing above its opening price thereby giving us a trend continuation candle. During this day, we will remain long but have our target 1.1338. Furthermore, the intraday stochastic is trading above its neutrality level of 50, and will likely break above its overbought level of 80. In the meantime, we wait for minor retracements towards 1.1118 for us to go long. A break below the level 1.1118 may invalidate the anticipated upward rally. Euro should be traded alongside GBP/USD, these pair are very much bullish on their daily charts and will likely follow the same direction during this intraday.
Trade Recommendations:
Wait for minor pullbacks towards 1.1118 for you to go long with your ideal target at 1.1338.
Graham Osano
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