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EURUSD Elliot Waves Analysis For 19 April 2016

19 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 19 April 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded long but could not close above a key resistance level 1.1333. During this intraday, key resistance levels are seen at 1.333 and 1.1444. A clear breakout above 1.1333 will push the price further to the upper side with the next target at 1.1444. However as long as the level 1.1333 protects the upper side, expect a downward rally towards 1.1245. A clear breakout below 1.1233 will push the price further to the lower side. This pair should be traded alongside GBP/USD and NZD/USD. 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 level 1.1333 protects the upper side, expect the pair to trade on the lower ranges with a target at 1.1246. A clear breakout above 1.333 will push the price to upper side with a target at 1.1444.

Graham Osano
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