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EURUSD Elliot Waves Analysis For 12 July 2016

12 July 2016, EUR/USD

EURUSD Elliot Waves Analysis For 12 July 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. As previously forecasted, the pair continues to trade within the consolidation zone 1.1167-1.1034. As long as the pair trades within this consolidation, we expect to trade reversals within the range. A breakout above 1.1167 will lead to a possible bullish price movements towards 1.1267 while a breakout below 1.1034 will culminate into a possible bearish price rally towards 1.0935. This pair should be traded alongside GBP/USD, GBP/CHF, and EUR/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long but only up to 1.1151. A breakout above this target will call for further long positions with an ideal target at 1.1267. Sell orders are only recommended below 1.1034 with an ideal target at 1.0935

Graham Osano
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