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EURUSD Elliot Waves Analysis For 13 April 2016

13 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 13 April 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. Yesterday, the pair tested the daily resistance level 1.1445 but ended up closing below it. The pair then traded short and even broke below the supportive trend line and is still pretty much bearish. We expect the current downward movement to be the unfolding of wave (a) with a target at 1.1345. A break below this level will push the price further to the lowerside. This pair should be traded alongside EUR/AUD and NZD/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.

Trade Recommendation:

If you are not short already, wait for a corrective move to the upperside for wave (b) to end along the just broken trendline then go short with your ultimate target at 1.12233.

Graham Osano
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