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EURUSD Elliot Waves Analysis For 15 July 2016

15 July 2016, EUR/USD

EURUSD Elliot Waves Analysis For 15 July 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, wave (c) traded long as previously forecasted but is yet to reach our target resistance level 1.1155. During this intraday, we expect a possible bullish rally towards 1.1155 or even higher to 1.1267. A clear reversal from the zone 1.1155-1.1167 will mark the end of wave (c), which means looking for short positions. This pair should be traded alongside USD/CAD and USD/CHF. These pair have a strong negative correlation of up to -0.96 and will have an exact opposite price action during this intraday.

Trade Recommendations:

Remain Long with an ideal target a first target at 1.1155 and the next target at 1.1267.

Graham Osano
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