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EURUSD Elliot Waves Analysis For 9 June 2016

09 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 9 June 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. As previously forecasted, This pair broke above the consolidation zone 1.1375-1.1324 and also above the triangular formation. Following this breakout, we are waiting for minor downward retracement towards 1.1375 to give us low risk buy opportunities. This pair is still in an upward trend and bulls are still in control, thus, we expect a continuation of the upward trend. This pair should be traded alongside EUR/GBP, AUD/USD and NZD/USD. These pairs have a strong positive correlation of upto +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not long already, wait for a minor retracements towards 1.1375, then go long with your target at 1.1438.

Graham Osano
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