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EURUSD Elliot Waves Analysis For 10 June 2016

10 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 10 June 2016

Wave Analysis

EUR/USD Is currently trading with a bearish bias. This pair traded massively short during the previous trading day and is still pretty much bearish. Following the break below 1.1324, we still expect further movements to the lower side but should not close below 1.12177. This view remains valid as long as the pair trades below 1.1324, any violation of this level will lead to an acceleration towards 1.1375. This pair should be traded alongside EUR/GBP, NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendation:

If you are not short already, wait for minor retracements towards 1.1324, then go long with your target at 1.12177. Long positions are only ideal above 1.1324 with an ultimate target at 1.1375.

Graham Osano
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