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EURUSD Elliot Waves Analysis For 17 June 2016

17 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 17 June 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted and even hit our target support level 1.1142. Earlier today, the pair retraced to the upper side but is yet to reach our target resistance level 1.1291. We expect further rally to the lower side as long as the pair trades below 1.1291, a clear breakout above 1.1291 will mean looking for long positions with an ideal target at 1.1403. This pair should be traded alongside NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.1291, look for short positions with an ideal target at 1.1142. Buy positions are only recommended above 1.1291 with an ideal target at 1.1403.

Graham Osano
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