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EURUSD Elliot Waves Analysis For 7 April 2016

07 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 7 April 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During the previous trading day, the pair rebounded from the support level 1.1338 as previous forecasted, went long but could not close above 1.1427. Instead, the pair tested this level and is currently trading below 1.1417. We expect the current downward rally to be the unfolding of wave (a). We will thus remain short with our first target at 1.1333. A break below this level will call, for further downward rally but only after minor pullbacks towards 1.1333. This view can only be invalidated if the price ends up closing above 1.1436. If the latter is the case, then we'll buy the pair with our target at 1.1617. This pair should be traded alongside AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other pairs ae giving the same signal

Trade Recommendations:

Remain short with your first target at 1.1333. A break below this level will push the price further to the lower side.

Graham Osano
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