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 5 May 2016

05 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 5 May 2016

Wave Analysis

EUR/USD is currently consolidating within the red triangle. Yesterday, the pair traded short but could not go below 1.14532. During this intraday, we are waiting for a clear breakout above the red triangle to lead to an upward acceleration, or a breakout below it to push the price to the lower side. Ideally, a breakout above the triangle will push the price to the upper side but should not go above 1.1588. A breakout above this resistance level will push the price further to the upper side. This pair should be traded alongside, GBP/USD, AUD/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.94 and will likely have a similar price action during this intraday.

Trade Recommendation:

Remain flat for now and wait for a clear breakout above the triangle to go long with your targets at 1.1539 and 1.1588. A clear breakout below the triangle will push the price to the lower side with targets at 1.1444 and 1.1380.

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 .