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EURUSD Elliot Waves Analysis For 4 April 2016

EURUSD Elliot Waves Analysis For 4 April 2016 | 04 April 2016

04 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 4 April 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro broke above the resistive zone 1.1323-1.1338, Retraced towards it, but ended up trading massively long thereby giving as a possible trend line continuation pattern and Candle. From the current outlook, there are chances the pair may retrace up to the low of the previous candle's lowest low (1.1333) before we continue long, or it may continue long immediately. It is thus advisable to wait for retracements towards 1.1333 to go long or wait for a clear breakout above 1.1492 to go long. We will only sell this pair if the anticipated retracements go below 1.1311, in this case, we will sell the pair with our target at 1.1175. A break below this level will push the market further to the lower side with our next target at 1.1027. This pair should be traded alongside EUR/GBP. This pairs have a strong positive correlation of up to +0.85 and will likely move in a similar direction during this intraday. Only buy or sell the Euro if the other positively correlated pairs are giving the same signal

Trade Recommendations:
Wait for retracements towards 1.1333 to go long or wait for a clear breakout above 1.1492 to go long. Only sell if the pullback goes below 1.1311
Bob Stan
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