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EURUSD Elliot Waves Analysis For 21 July 2016

21 July 2016, EUR/USD

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the pair broke below the key support level 1.1034, headed short and is currently retracing back to it. As long as the level 1.1034 protects the upper side, we expect a possible rebound from this level to culminate into a possible bearish price rally towards 1.09464. A break above 1.1034-1.1047 may invalidate the anticipated downward rally. This pair should be traded alongside AUD/USD, NZD/USD, GBP/USD and GBP/CHF. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.1034 to go short with an ideal target at 1.0946. Buy positions are only recommended above 1.1047 with a target at 1.1164.

Graham Osano
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