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EURUSD Elliot Waves Analysis For 14 April 2016

14 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 14 April 2016

Wave Analysis:

EURUSD is currently trading with a bearish bias. Yesterday, the pair traded perfectly short as previously forecasted and even broke below the support levels 1.1334 and 1.1281. Following the break below 1.1281, we expect further decline in price towards 1.1214. In the meantime, we wait for minor upward retracements towards 1.1281 to continue short with our target at 1.1214. However, if the anticipated pullback goes above 1.1299, then we will look for long positions with our ultimate target at 1.1444. This pair should be traded alongside NZD/USD, EUR/GBP, and AUD/USD. These pairs have a strong, high correlation of up to +0.95 and will likely move in a similar direction during this intraday.

Trade Recommendations:

If you are not short already, wait for minor upward pullbacks towards 1.1281, then go short with your ultimate targets below 1.1214. Only buy if the pullback successfully closes above 1.1299

Graham Osano
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