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EURUSD Elliot Waves Analysis For 21 June 2016

21 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 21 June 2016

Wave Analysis

EUR/USD is currently trading with a decreasing upward momentum. Yesterday, the pair traded short as previously forecasted but could not hit our target support 1.1291. The previously daily candle is pretty much bearish and may lead to a rally to the lower side. Thus, we still expect further momentum to the lower side probably a break below 1.1291 is likely to push the price further to the lower side but should not go beyond 1.1142. We will only be interested in going long in case the pair clearly break above 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 +0.91 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait and sell below 1.1291 with a target at 1.1142. Or wait and buy above 1.1403 with an ideal target at 1.1478.

Graham Osano
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