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EURUSD Elliot Waves Analysis For 8 August 2016

08 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 8 August 2016

Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the NFP's results release, Euro markets plunged down to the lower side and is still petty much bearish. We expect a possible bearish price rally towards 1.1047 or even lower. The anticipated downward rally can only be declared valid in case the pair clearly break below 1.1073. A breakout below this level will give us the green light to go short with an ideal target at 1.0959. This pair should be traded alongside NZD/USD, GBP/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear breakout below 1.1073 then go short with an ideal target at 1.0959.

Graham Osano
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