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EURUSD Elliot Waves Analysis For 12 April 2016

12 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 12 April 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded long and even tested the daily resistance level 1.144 but could not go above 1.1453. As long as the zone 1.1444-1.1453 protects the upper side, we will look for sell orders below 1.1453 with our first target at 1.1333. A break below this target will push the price further to the lower side with our next target at below 1.1282. Buy positions will only be ideal in case of a clear rebound from 1.1333 or a breakout above 1.1453. This pair should be traded alongside NZD/USD and AUD/USD. These 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 Euro if the other pairs are giving the same signal.

Trade Recommendations:

As long as the level 1.1456 protects the upper side, look for short positions with you target at 1.1333. A break below this level will push the price further to the lower side with your next target below 1.1282

Graham Osano
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