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EURUSD Elliot Waves Analysis For 28 April 2016

28 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 28 April 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded massively long as previously forecasted and even hit our resistance level 1.1333. Unless the pair clearly close above 1.1357, we expect a possible rebound from either 1.1333 or 1.1357 to reverse the market. A clear rebound from either of these levels will lead to an acceleration to the lower side. During this intraday, key levels are seen at 1.1217, 1.1282, 1.1333, and 1.1444. This pair should be traded alongside EUR/GBP, NZD/USD and GBP/USD. These pair have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.

Trade Recommendations:

Remain long but only up to 1.1357. A clear breakout above this level will push the price further to the upper side. A clear rebound from either 1.1333 or 1.1357 will lead to an acceleration to the lower side with an ultimate target at 1.12177.

Graham Osano
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