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EURUSD Elliot Waves Analysis For 16 May 2016

16 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 16 May 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. During the previous trading week on Friday the 13th of 2016, Euro traded short as previously forecasted but ended up bouncing from the key support level 1.1283. During this intraday, to confirm the continuation of the downward trend, we will wait for a clear breakout below 1.1283. The anticipated short position should have an ultimate target at 1.12177. However, a clear break above 1.1324 will invalidate the anticipated downward rally and will call for long positions with targets at 1.1368, 1.1396 and the last target at 1.1438. This pair should be traded alongside GBP/USD, AUD/USD, and NZD/USD . These pairs have a strong positive correlation and will have a similar price action during this week.

Trade Recommendations:
Sell positions are only ideal below 1.1283 or upon a clear rebound from 1.1324. The sell order should have an ideal target at 1.1283. A clear breakout above 1.1324 will call for long positions with targets at 1.1368, 1.1396 and the last target at 1.1438
Graham Osano
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