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EURUSD Elliot Waves Analysis For 14 March 2016

14 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 14 March 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading week, Euro traded long and even broke above its daily pivot level 1.1027. Although we anticipate further movements to the upper side, we will wait for the current downward pullback to end around 1.1027 for us to go long but with our target at 1.1338. If the pullback proceeds below 1.099, then we will be looking short positions with our target at 1.0732. This pair should be traded alongside EUR/CAD and EUR/JPY. These pairs have a strong positive correlation of up to +0.97 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

Wait for the current pullback to end around 1.1027, then buy the pair with your ultimate target at 1.1338. If the pullback breakout below 1.099, then go short with your next ideal target at 1.0732.

Graham Osano
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