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EURUSD Elliot Waves Analysis For 9 May 2016

09 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 9 May 2016
Wave Analysis:
EUR/USD is currently consolidating above a key support zone 1.1396-1.1392. During the previous trading day on 6th May, despite the NFP results, the pair broke above 1.1438 but ended up closing within the neutral zone 1.1434-1.1396. During this intraday, we are waiting for a clear breakout above 1.1434 to go long with our target at 1.1477. A clear breakout below 1.1396 will call for long positions with a target at 1.1293. However, as long as the pair trades within this neutral zone, we look to trade reversals from the key levels This pair should traded alongside GBP/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.91 and will likely have a similar price action during intraday.

Trade Recommendations:

As long as the pair trades within 1.1434-1.1396, look to trade reversals from either levels. Alternatively, you could sit on the site lines and way for a clear breakout below 1.1396 to go short with your target at 1.1293. Or a clear breakout above 1.1434 to go long with you target at 1.1477.

Graham Osano
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