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EURUSD Elliot Waves Analysis For 9 August 2016

09 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 9 August 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. Yesterday, Euro dropped sharply but could not close below 1.1073. The level 1.1073 is a key short term support level and will require a bit of bearish pressure to break below. But as long as the level protects the lower side we expect a possible bullish rebound from this level to go long with an ideal target at 1.111 and 1.1159. This pair should be traded alongside AUD/USD, GBP/USD, NZD/USD and EUR/HKD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the level 1.1073 protects the lower side expect a possible rebound from this level to go long with an ideal target at 1.1112 and the next target at 1.1159. Sell positions are only recommended below 1.1073 with a Stop at 1.1112

Graham Osano
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