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EURUSD Elliot Waves Analysis For 20 July 2016

20 July 2016, EUR/USD

Wave Analysis

EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke below it's consolidation range 1.1034, headed short and is still pretty much bearish. As long as the pair trades below 1.1034-1.1164, we expect a possible bearish price rally towards 1.1093 or even below. Any clear upward retracements that end above 1.1047 may invalidate the anticipated downward rally. This pair should be traded alongside EUR/JPY, AUD/USD, NZD/USD and GBP/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:

Remain short with an ideal target at 1.09356

Graham Osano
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