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EURUSD Elliot Waves Analysis For 3 August 2016

03 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 3 August 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded perfectly long as previously forecasted but is yet to reach our set target resistance level at 1.1239. The daily candle is still pretty much bullish and will likely push the price further to the upper side. Thus, during this intraday, we expect a possible bullish price rally towards 1.1239 or even higher to 1.1264. This pair should be traded alongside EUR/JPY, AUD/USD, NZD/USD and GBP/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:

Remain long with an ideal target at 1.1239 and the next target at 1.1264.

Graham Osano
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