manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
QIWIInstant top-up
Log in

EURUSD Elliot Waves Analysis For 10 August 2016

10 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 10 August 2016

Wave Analysis:

EUR/USD is currently trading with a declining Bullish bias. Yesterday, the pair rebounded from a key support level 1.1073, headed perfectly long as previously forecasted but is currently finding it hard to break above a key supply zone 1.1147-1.1157. We expect a possible bearish rebound from this zone to go short while a clear breakout above 1.1157 may invalidate the anticipated downward rally. This pair should be traded alongside EUR/HKD, GBP/USD, NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action duing this intraday.

Trade Recommendations:

Expect a possible bearish rebound from the zone 1.1147-1.1157 to go short with targets at 1.1112 and 1.1073. Buy positions are only recommended above 1.1157 with an ideal target at 1.1219

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.