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EURUSD Elliot Waves Analysis For 2 August 2016

02 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 2 August 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the pair broke above a key resistance level 1.1152, headed long but has currently retraced to the just broken level. Now is the most appropriate time to look for potential low risk buy opportunities towards 1.1239 or even higher. This view can only be invalidated in case the price end up closing below 1.1152. A clear bearish breakout below 1.1152 will culminate into a possible bearish price rally towards 1.1112 or even lower. This pair should be traded alongside EUR/GBP, GBP/USD and EUR/HKD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above 1.1159, look for potential long positions with an ideal target at 1.1239

Graham Osano
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