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EURUSD Elliot Waves Analysis For 30 May 2016

30 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 30 May 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During The previous trading day on 27th May 2016, the pair broke below the rising channel, headed short and even broke below a significant support level 1.1138. This pair is still pretty much and may head further to the lower side towards 1.1099. Thus during this intaday, we wait for minor upward retracements to go short with our target at 1.1099. This pair should be traded alongside NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday
Trade Recommendation.
Wait for minor upward retracement towards 1.1134, then go short with your ideal target at 1.1099 and the next target at 1.1024
Graham Osano
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