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EURUSD Elliot Waves Analysis For 18 April 2016

18 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 18 April 2016

Wave Analysis:

EUR/USD is currently trading with a bullish. During the previous trading day on 15 April 2016, the pair broke out above a key resistance zone 1.1282-1.1286 and is currently retracing downwards towards it. As long as the price trades above this zone, expect an upward rally towards 1.1333. A clear breakout below 1.1282 will push then price further to the lower side with our next target at 1.1213. This pair should be traded alongside EUR/AUD and EUD/GBP . These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday.
Trade Recommendations:
As long as the zone 1.1282-1.1286 protects the lower side, look for long positions with your target at 1.1333. A clear breakout above thsi level will push the price further to the upperside.
Graham Osano
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