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EURUSD Elliot Waves Analysis For 19 May 2016

19 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 19 May 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted and still pretty much bearish bias. Following the breakout below the daily support 1.12177, we expect an acceleration to the lower side but should not go below 1.1160. A clear breakout below this target will push the price further to the lower side. This view can only be invalidated should the price end up closing above 1.12177, if the latter is the case, then we expect a rally to the upper side. This pair should be traded alongside AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with you target at 1.1160. A clear breakout below this target will call for further short positions. Buy positions can only be recommended above 1.12177 with an ideal target at 1.1283.

Graham Osano
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