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EURUSD Elliot Waves Analysis For 29 April 2016

29 April 2016, EUR/USD

EURUSD Elliot Waves Analysis For 29 April 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair rebounded from the lower supportive trend line and ended up breaking above a key resistance level 1.1380. Following this breakout, we are waiting for minor pullback towards the just broken resistance level to give us a low risk buy opportunity. This view can only be rendered futile if the anticipated pullback ends up closing below 1.1380. If the latter is the case then short positions will be ideal for trading. During this intraday, key levels are seen at 1.12177, 1.1283, 1.1380, and 1.1444. This pair should be traded alongside AUD/USD, GBP/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendation:

If you are not long already, wait for minor pullbacks towards 1.1380 then go long with your target at 1.1453. Only sell if the anticipated retracement goes below 1.13805

Graham Osano
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