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EURUSD Elliot Waves Analysis For 23 May 2016

23 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 23 May 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. As long as the pair trades within the rising channel, we expect an acceleration to the upper side, that the current upward rally is the continuation of wave (a) and should not go above the upper trend line forming top of the ascending channel. After the close of wave (a), we will wait for a corrective downward rally to buy wave (c) from 1.12177. This view remains valid as long as the level 1.12177 protects the lower side, a clear breakout below this support level will culminate into an acceleration to the lower side but should not go below 1.1166. This pair should be traded alongside EUR/HKD, 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:

If you are not long already, wait for minor downward retracements towards 1.12177 then go long with your target at 1.1283. Sell positions are only recommended upon a clear rebound from the upper resistive trend line or upon a clear breakout below 1.12177

Graham Osano
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