06 April 2016, EUR/USD
EUR/USD is currently trading with a bearish bias. During the previous trading day, wave (a) broke below the ascending trend line, retraced back to it, and is now heading to the lower side. We expect the current downward rally to be the unfolding of wave (c) with our first target at 1.1333. A clear break below this target will push the price further low with our next target at 1.1148 . While the downward rally is highly anticipated, a clear breakout above 1.1420 may invalidate this anticipated move. If the price breaks clearly above 1.1420, then we will buy the the pair with our target 1.1492. This pair should be traded alongside EUR/GBP. These pairs have a strong positive correlation of up to +0.92 and will likely move in a similar direction during this intraday. Only buy or sell Euro if the other positively correlated pair is giving the same signal.
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