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EURUSD Elliot Waves Analysis For 20 April 2016

20 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 20 April 2016

Wave Analysis:

EUR/USD is currently trading witha bearish bias. Yesterday, The pair traded long but ended up rebounding from the ascending resistive trend line. During this intraday, key support levels are seen at the supportive trendline and 1.1329. Key resistance levels is seen at the zone1.1444-1.1453. Following the rebound from the upper trend line, we expect the current downward rally to be the unfolding of wave (4) with a target along the supportive trend line or even low to 1.1329 from where we'll look to buy wave (5). This pair should be traded alongside GBP/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for a clear rebound from the supportive trend line or 1.1329 then buy wave (5). Only a clear breakout below 1.1324 will mean we are continuing short.

Graham Osano
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