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EURUSD Elliot Waves Analysis For 31 May 2016

31 May 2016, EUR/USD

EURUSD Elliot Waves Analysis For 31 May 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the black wave (c) went lower than expected and even hit our target support 1.11045. From the previous analysis, we expected the level 1.11045 to be the reversal point, that a clear break above 1.1142, will confirm the anticipated reversal. As it appears, the price has already broken above 1.1142 and is heading to the upper side, and may continue further to the upper side. 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 likely have a similar price action during this intraday.

Trade Recommendations:

Remain long with your targets at 1.1166 and 1.1192. Sell positions are only recommended below 1.1138 with a target at 1.11045.

Graham Osano
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