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EURUSD Elliot Waves Analysis For 19 July 2016

19 July 2016, EUR/USD

Wave Analysis

EUR/USD is currently trading with a bullish bias. Euro continues to trade within it's consolidation range, not going below 1.1034 or above 1.1165. As long as the pair trades within this range we look to trade reversals from either levels within the range. A break above this range will culminate into a possible bullish rally towards 1.1120 or even higher to 1.1165. A break below 1.1034 will lead to a momentum to the lower side but should not go beyond 1.0936. This pair should be traded alongside EUR/JPY, GBP/USD, GBP/CHF and GBP/JPY. These pairs have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades within the range 1.1165 and 1.1034, trade reversals from either levels. A break below 1.1034 will call for short positions with an ideal target at 1.0936 while a breakout above 1.1165 will call for long positions with an ideal target at 1.1267.

Graham Osano
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