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EURUSD Elliot Waves Analysis For 29 July 2016

29 July 2016, EUR/USD

EURUSD Elliot Waves Analysis For 29 July 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded perfectly long as previously forecasted and even hit our second target resistance at 1.1109. The resistance level 1.1109 is a key level and will require a lot of force for price to close above it. Thus, we expect the current upward rally to be a mere retracement and should not go beyond 1.11097,a clear breakout above 1.11128 may invalidate the anticipated bearish reversal. This pair should be traded alongside NZD/USD, AUD/USD, GBP/USD and EUR/HKD. These pairs have a strong positive correlation of up to +0.91 and will have a similar price action during this intraday. Check the website for more information: https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/issue_82521.html

Trade Recommendations:

If you are not long already, wait for potential buy opportunities above 1.11128 with an ideal target at 1.1164. Sell positions are only ideal upon a clear rebound from 1.11097 or below 1.1054.

Graham Osano
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