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EURUSD Elliot Waves Analysis For 28 July 2016

28 July 2016, EUR/USD

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded perfectly long as previously forecasted and even hit our first resistance target at 1.1047. The previous day's candle is pretty much bullish and may drive the pair further to the upper side. Thus, during this intraday, we are very reluctant to go short, instead, we're looking for potential buy signals towards 1.11097 or even higher. This pair should be traded alongside EUR/HKD, EUR/SGD, GBP/USD 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:

Expect a possible bullish price rally towards 1.11097.

Graham Osano
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