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EURUSD Elliot Waves Analysis For 11 April 2016

EURUSD Elliot Waves Analysis For 11 April 2016 | 11 April 2016

11 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 11 April 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day 9th April 2016, the pair traded long and even tested a key daily resistance level 1.14, as long as the level 1.143 shields the pair from closing above it. Look for short positions with your ultimate target at 1.1156. The anticipated downward rally will only be valid if the price clearly breaks below 1.133. If the latter is the case, then we will wait for minor upward pullbacks towards the just broken level to go short with our ultimate target at 1.1159. In an alternative case scenario, if the price close successfully above 1.1432, then look for long positions with your targets at 1.148. This pair should be traded alongside Cable . These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.143 look for short positions with your ultimate target at 1.1156. Only buy if the price close successfully above 1.1432, then look for long positions with your targets at 1.148

Bob Stan
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