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EURUSD Elliot Waves Analysis For 16 June 2016

16 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 16 June 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, wave (c) ended a bit earlier than expected, and instead of going short, the pair is currently retracing to the upper side. We expect the current upward movement to be a mere retracement, and should not go above the resistance level 1.1291. A clear close above this target will lead to an acceleration to the upper side but should not go above 1.1403. This pairs should be traded alongside AUD/USD, NZD/USD and GBP/USD. These pair have a strong positive correlation of upto +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not long already, wait for a clear breakout above 1.1291, then go long with your target at 1.1403, a clear rebound from the resistance level 1.1291 will lead to an acceleration to the lower side but with an ultimate target at 1.1142.

Graham Osano
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