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EURUSD Elliot Waves Analysis For 11 July 2016

11 July 2016, EUR/USD

EURUSD Elliot Waves Analysis For 11 July 2016

Wave Analysis:
EUR/USD is currently trading with a bearish bias. The pair entered into a consolidation not going above 1.1167 or below 1.1034. During this intraday, we expect a possible bearish break below 1.1034 to go short with an ideal target at 1.094. The overall trend is bearish and a clear breakout below 1.1034 will confirm the anticipated bearish rally. This pair should be traded alongside EUR/JPY, and EUR/CHF. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above 1.1048 remain long with an ideal target at 1.1167. A breakout below 1.1034 will call for short positions with a ideal target at 1.094

Graham Osano
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