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EURUSD Elliot Waves Analysis For 23 June 2016

23 June 2016, EUR/USD

EURUSD Elliot Waves Analysis For 23 June 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, instead of going short as previously forecasted, the pair traded traded long and even broke above the resistance level 1.1291. Following this breakout, we still expect further movements to the upper side but should not go above 1.1411. A clear breakout above this target will push the price to the upper side. This pair should be traded alongside GBP/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intaday.

Trade Recommendations:

Remain Long with you ideal target at 1.1411.

Graham Osano
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