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EURUSD Elliot Waves Analysis For 15 June 2016

15 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 15 June 2016

Wave Analysis:

EUR/USD is currently trading with a slight bullish bias. Yesterday, wave (c) traded perfectly short as previously forecasted but is yet to reach our target support level 1.1142. We expect the current upward rally to be a mere retracement and should not close above 1.1244 from where we'll be looking to continue with wave (c) towards 1.1142. This pair should be traded alongside NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for the current upward pullback to end around 1.1244, then go short with your target at 1.1142.

Graham Osano
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