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EURUSD Elliot Waves Analysis For 18 July 2016

18 July 2016, EUR/USD

EURUSD Elliot Waves Analysis For 18 July 2016
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day on 15th July 2016, Euro reversed from the resistance level 1.1165, headed short and even hit the key support level 1.1034. We are waiting for a clear breakout below 1.1034 to continue to the lower side. However, as long as the pair trades above 1.1049, expect a possible bullish bias towards 1.1120 or even higher to 1.1165. This pair should be traded alongside GBP/CHF, GBP/JPY, USD/JPY, EUR/CHF, and AUD/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:

As long as the pair trades above 1.1049, look for long positions with targets at 1.1120 and 1.1165. A clear breakout below 1.1034 will call for short positions with an ideal target 1.0943.

Graham Osano
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