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EURUSD Elliot Waves Analysis For 6 May 2016

06 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 6 May 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke below the wedge, headed short, but is yet to reach our target support 1.380. During this intraday, we expect a minor retracement towards 1.1444 to continue short with our ultimate target at 1.1283. However, in case the price ends up closing above 1.1453, then we expect an acceleration to the upper side to form a double top at 1.1588. This pair should be traded alongside GBP/USD, NZD/USD and AUD/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:

Wait for a minor pullback towards 1.1444 to go short with your targets at 1.13805. A clear breakout below 1.1380 will push the price further to the lower side with a target at 1.1283. Only buy above 1.1453 with your target at 1.1588.

Graham Osano
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