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EURUSD Elliot Waves Analysis For 16 March 2016

16 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 16 March 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro made little movements and ended up closing just a few pips away from its day's open price, During this intraday, we still anticipate further movements towards the support zone 1.1027-1.099. A clear rebound from this zone will call for long posistions with our target at 1.1338. A break below 1.09935 will mean we are headed short with our target at 1.0732. This pair should be traded alongside EUR/HKD and AUD/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Wait for a clear rebound from the zone 1.1027-1.099 to buy the pair with your ideal target at 1.1338. A break below 1.09935 will mean we are headed short with our target at 1.0732
Graham Osano
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