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EURUSD Elliot Waves Analysis For 21 March 2016

21 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 21 March 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During the previous trading week, Euro's daily candle traded long but ended up rebounding along the resistance level 1.1338.Following this rebound, we expect further movements to the lower side with our ideal target at 1.1027. In the meantime, we wait for retracements towards 1.1323 or even further to 1.1343 for us to execute sell orders with our ideal target at 1.1193 and 1.1063. If the anticipate pullback goes above 1.13110, then we will be looking for long positions with our target at 1.1377. This pair should be traded alongside EUR/NZD and EUR/CHF. These pairs have a strong positive correlation of up to +0.86 and will likely have a similar price action during this intraday. Only buy or sell Euro if all the other positively correlated pairs are giving similar signal.

Trade Recommendations:
If you haven't gone short already, wait for minor pullbacks towards 1.1323, then sell the pair with you target at 1.1063. A breakout above 1.13110 will call for long positions with your target at 1.1377.
Graham Osano
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