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EURUSD Elliot Waves Analysis For 28 June 2016

28 June 2016, EUR/USD

Wave Analysis:
EUR/USD is currently trading with a bullish bias. Yesterday, the pair continued short but could not hit our target support level 1.094, we expect the current upward rally to be a mere upward pullback and should not close above 1.1072. A clear breakout above this level will lead to an acceleration to the upper side but should not go beyond 1.1142. This pair should be traded alongside NZD/USD, GBP/USD, AUD/USD and GBP/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendation:

Wait for a clear rebound from 1.1072, then go short with an ideal target at 1.094. A beak out above 1.1085 will call for long positions with an ideal target at 1.1142

Graham Osano
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