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EURUSD Elliot Waves Analysis For 2 May 2016

02 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 2 May 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day on 29th April 2016, the pair traded perfectly long after rebounding from 1.138. Following this rebound, the pair traded perfectly and is currently trading along a very significant resistance level 1.1444. Unless the price clearly close above 1.444, expect a possible rebound from this level to the lower side. This pair should be traded alongside GBP/USD, and AUD/USD. These pairs have a strong positive correlation of up to +0.90 and will likely have a similar price action during this intraday.

Trade Recommendations:

In the meantime, sit on the sidelines and wait for a clear close above 1.444-1.14532 to go long with your target at 1.1710. Only clear rebound from this level will invalidate the anticipated upward rally.

Graham Osano
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