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EURUSD Elliot Waves Analysis For 5 August 2016

05 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 5 August 2016

Wave Analysis

EU/USD is currently trading with a slight bullish bias. Yesterday, the pair traded perfectly short as previously forecasted and even hit our first target at 1.1112. The daily candle is still pretty much bearish and may push the price further to the lower side but should not go beyond 1.1047. Thus, during this intraday, we wait for the current upward retracement to reverse from 1.1159 from where we'll be looking for low risk sell opportunities. This view can only be invalidated in case the pair end up above 1.1159. This pair should be traded alongside EUR/HKD, GBP/USD and EUR/SGD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for the current upward etracement to reverse from 1.1159 then go short with an ideal target at 1.1112 and the next target at 1.1047. Buy orders are only recommended above 1.1159 with an ideal target at 1.1239.

Graham Osano
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