manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

EURUSD Elliot Waves Analysis For 3 May 2016

03 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 3 May 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded long and even broke above a key resistance level 1.1444, Following this breakout, we are very reluctant to go short, instead, we are looking for further acceleration to the upper side. In the meantime, we look for minor pullbacks to the lower side to give us a low risk buy positions. This pair should be traded alongside GBP/USD, AUD/USD, EUR/CHF, EUR/GBP, and NZD/USD . These pairs 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:

If you are not short already, wait for minor retracements to the lower side to go long with your target at 1.17104. A clear breakout above this level will push the price further to the upper side.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .