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EURUSD Elliot Waves Analysis For 22 July 2016

22 July 2016, EUR/USD

Wave Analysis

EUR/USD Is currently trading with a bearish bias. Yesterday, the pair broke below a key support level 1.1034 but is currently retracing to it. As long as the pair trades below 1.1034, we expect a possible bearish price movements towards 1.094 or even lower. A clear breakout above 1.1047 may invalidate the anticipated downward rally. This pair should be traded alongside EUR/JPY, GBP/USD, AUD/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.1034, remain short with an ideal target at 1.0946

Graham Osano
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