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EURUSD Elliot Waves Analysis For 29 March 2016

29 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 29 March 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. During the previous trading week, Euro traded short for the better parts of the week but could not close below the support level 1.1145. Already, the pair is rebounding from this level, but we will wait for a clear close above 1.1217 to give us the green light to continue long with our ideal target at 1.1338. However, should the price turn bearish and end up closing below 1.1145, then we will go short with our target at 1.1027. This pair should be traded alongside Pound Dollar, these pairs have a strong positive correlation of up to +0.95 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other positively correlated pair is giving the same signal.

Trade Recommendations:
Wait for a clear close above 1.1217 to go long with your ideal target at 1.1338. However, should the price turn bearish and end up closing below 1.1145, then go short with your target at 1.1027.
Graham Osano
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