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EURUSD Elliot Waves Analysis For 6 June 2016

06 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 6 June 2016
Wave Analysis:
EUR/USD is currently trading with a slight bearish bias. During the previous trading day on 3rd June 2016, the pair traded massively long following the NFP results and may still head further to the upper side. During this intraday, we are wait for a minor downward pullbacks towards 1.1324 to give us low risk buy opportunities with our ultimate target at 1.1477. This pair should be traded alongside NZD/USD, GBP/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 Recommendations:

Remain flat for now and wait for the current downward pullback to end along 1.1324 then go long with your targets at 1.1368 and 1.1477. Sell positions are only recommended below 1.1319 with an ideal target at 1.1283 and the next target at 1.1217.

Graham Osano
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