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EURUSD Elliot Waves Analysis For 30 March 2016

30 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 30 March 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro bounced off from the support level 1.1157 and headed long as previously forecasted but could not reach our target at level 1.1323. We still expect further movements towards this level or even a break above 1.1338. A clear break above 1.1338 will call for further long positions with our next taregt at 1.1492. However, as long as the zone 1.1323-1.1338 holds true as a strong resistance level, we will be looking for price reversal along this zone with our ultimate target at 1.1010. Furthermore, the intraday stochastic is already trading above its over bought level of 80, which means the price may change direction in the near future. This pair should be traded alongside 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 is GBP/USD is giving the same signal.

Trade Recommendations:

If you are not long already, wait for a clear break above 1.1492. However as long as the zone 1.1323-1.1338 holds true as a strong level, look for short positions with you target at 1.1010.

Graham Osano
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