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EURUSD Elliot Waves Analysis For 4 July 2016

04 July 2016, EUR/USD

Wave Analysis:
EUR/USD is currently trading with a bullish. During the previous trading day on 1st July, wave [c] traded long as previously forecasted and even hit our target resistance level 1.1167. During this intraday, we expect a possible bearish reversal from this level to go short, while a clear breakout above this target will lead to an upward momentum towards 1.1276. This pairs should be traded alongside EUR/JPY, 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 long but only up to 1.1167, a break above this target will push the price further to the upper side but only up to 1.1276

Graham Osano
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