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EURUSD Elliot Waves Analysis For 21 April 2016

21 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 21 April 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded massively short as previously forecasted and is still pretty much bearish. During this intraday key support levels are seen at 1.1265, and 1.1218, while key resistance levels are seen at 1.1338 and 1.1379. As long as the pair trades below 1.1295, expect a downward rally towards 1.1265. This pair should be traded alongside NZD/USD, EUR/AUD and EUR/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:

Expect a downward rally towards 1.1338. A break below this level will push the price further to the lower side with the next target at 1.1379.

Graham Osano
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