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EURUSD Elliot Waves Analysis For 15 April 2016

15 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 15 April 2016

Wave Analysis:

EURUSD is currently trading with a bearish bias. Yesterday, the pair made a lower low on the daily chart and will likely continue short during this intraday. We are waiting for minor upward pullbacks towards 1.1282 to give us a low risk sell opportunity. Ideally, the overall outlook is bearish. However, if the price close above 1.1293, then we will look for long positions with our target at 1.1339. This pair should be traded alongside EUR/GBP, and GBP/USD. 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 1.1.1293, expect the pair to trade in the lower ranges with your first target at 1.1232. A break below this target will push the price further to the lower side.

Graham Osano
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