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EURUSD Elliot Waves Analysis For 18 March 2016

18 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 18 March 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. Following the break above the pivot level 1.1178, Euro appears to have developed a bullish trend. We anticipate a breakout above 1.1380 for us to continue long with our ideal target at 1.1492. Alternatively, we wait for minor pullbacks towards 1.1291 for us to execute buy orders. This view can only be invalidated should the anticipated pullback go below 1.1267. If the latter is the case, then we will be looking for short positions with our target at 1.09935. This pair should be alongside GBP/JPY, and GBP/USD. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction. Only buy or sell Euro if pound dollar is giving the same signal.

Trade Recommendations:

If you haven't gone long already, wait for minor pullbacks towards 1.1291 to go long with your target 1.1492. Alternatively wait for a clear breakout above 1.1380 then buy the pair with your target at 1.1492.

Graham Osano
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