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EURUSD Elliot Waves Analysis For 11 August 2016

11 August 2016, EUR/USD

Wave Analysis

EUR/USD is currently trading with a declining bearish bias. Yesterday, the pair broke above a key supply zone 1.1147-1.1157, headed long, but is currently retracing towards the just broken zone. We expect the just broken zone to act as a key support to any downward movements, thus, as long as this zone protects the lower side we will be keen to look for potential low risk buy orders with our ideal target at 1.12197. This view can only invalidated in case the pair breaks below 1.1147. This pairs should be traded alongside HongKong Dollar and GBP/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:

As long as the zone 1.1157-1.1147 protects the lower side expect a possible rebound from this zone to go long with an ideal target at 1.1219. Sell positions are only recommended below 1.147 with ideal targets at 1.1112 and 1.1073.

Graham Osano
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