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EURUSD Elliot Waves Analysis For 1 June 2016

01 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 1 June 2016
Wave Analysis:
EUR/USD is currently trading with a slight bullish bias. Yesterday, the pair traded long, tested the resistant level 1.1166, but ended up closing below it. The current upward rally is a mere retracement and should not close above 1.1138. However, following the just witnessed break below 1.1138, we expect further movements to the lower side. In the meantime, we wait for a clear breakout below 1.11013 to confirm the continuation of the downward trend, or a clear rebound from this level (1.1103) will invalidate this view. This pair should be traded alongside NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation and will have a similar price action during this intraday

Trade Recommendations:

Remain long but only up to 1.1138. Short positions are recommended upon a clear rebound from 1.1138 or on a breakout below 1.11013.

Graham Osano
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