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EURUSD Elliot Waves Analysis For 1 August 2016

01 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 1 August 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. During the previous trading day on 29th July 2016, the pair traded perfectly long as previously forecasted and even hit our target resistance level 1.1185. We expect this level to mark the end of the five wave cycle with wave (5) ending at 1.1185-1.1188. Any bearish rebound from this level will signal the unfolding of a corrective three wave cycle to the lower side while a break above it will lead to a possible bullish price rally towards 1.1386. This pair should be traded alongside EUR/HKD, EUR/SGD, GBP/USD, AUD/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.
Trade Recommendations:
Wait for a clear breakout above 1.118 then go long with an ideal target at 1.1386. Sell orders are only recommended upon a clear rebound from 1.1185-1.1188.
Graham Osano
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