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EURUSD Elliot Waves Analysis For 13 June 2016

13 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 13 June 2016

Wave Analysis:
EUR/USD is currently trading with a strong bearish bias. on 10th June 2016, this pair broke below a significant support level 1.1283 and is still pretty much bearish. Although we expect further movements to the the lowerside, we will only go short upon a clear rebound from 1.1283 or on a breakout below 1.12177 with an ideal target at 1.1142.This pair should be traded alongside NZD/USD, and AUD/USD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for the current upward rally to rebound from 1.1283 then go short with your target at 1.12177. A break below this target will call for further short positions with an ideal target at 1.1142.

Graham Osano
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