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EURUSD Elliot Waves Analysis For 1 July 2016

01 July 2016, EUR/USD

EURUSD Elliot Waves Analysis For 1 July 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke below the ascending channel, headed short but could not close below 1.1023. During this intraday, following the retest of the lower trend line forming bottom of the rising channel, we expect further movements to the lower side probably a break below 1.1023. This pair should be traded alongside EUR/JPY, AUD/USD, NZD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 1.1023 and the next target at 1.094

Graham Osano
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