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EURUSD Elliot Waves Analysis For 23 March 2016

23 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 23 March 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded perfectly short as previously forecasted but is yet to reach our target level 1.1175. We still anticipate further movements towards this support level for wave (b) to end along the lower supportive trendline. Ideally, we expect to buy wave (c) fom 1.1175with our target at 1.1475. A clear break below the lower supportive trendline will call for further movements to the lower side with our target at 1.1027. Euro should be traded alongside GBP/USD. These pairs have a strong positive correlation of up to +0.94 and will likely move in a similar direction during this intraday.

Trade Recommendations.

Remain short but only upto the supportive trendline. A break below this supportive trendline will mean looking for further short positions with an ultimate target at 1.1175. A clear rebound from this trendline would meaning buying the pair with your target at 1.1475.
Graham Osano
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