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EURUSD Elliot Waves Analysis For 20 June 2016

20 June 2016, EUR/USD

Wave Analysis:
EUR/USD is currently trading with a bearish bias. Earlier today, the pair gapped to the upper side, traded long but is yet to reach our target resistance level 1.1403. If the current four hour candle close as it is right now, then we'll be looking for a possible momentum to the lower side but should not close below 1.1291. This view remains valid as long as the pair trades below 1.1403, a clear breakout above this resistance level will lead to an acceleration to the upper side but should not go above 1.1533. This pair should be traded alongside NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.1403, look for short positions with an ideal target at 1.1291. Buy positions are only recommended above 1.1403 with an ideal target at 1.1533.

Graham Osano
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