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EURUSD Elliot Waves Analysis For 5 July 2016

05 July 2016, EUR/USD

EURUSD Elliot Waves Analysis For 5 July 2016
Wave Analysis:
EUR/USD is currently trading with a sight bearish bias. Yesterday, the pair traded long as previously forecasted and is still pretty much bullish on the daily chart. During this intraday we expect further bullish price movements but only upon breaking above 1.1167. This pair should be traded alongside EUR/JPY, GBP/USD and NZD/USD. These pairs have a strong positive correlation of up top +0.92 and will have a similar price action during this intraday

Trade Recommendation:

Remain flat for now and wait for a breakout above 1.1167, then go long with an ideal target at 1.1276.

Graham Osano
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