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EURUSD Elliot Waves Analysis For 12 August 2016

12 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 12 August 2016

Wave Analysis

EUR/USD is currently trading with a declining bullish bias. Yesterday, the pair traded perfectly short as previously forecasted and even ended up breaking below a key pivot level 1.1157. A long as the pair trades below this level, we expect a possible bearish price rally towards 1.1112 or even lower to 1.1073. Any movements to the upper side will be considered retracemenets and should not go beyond 1.1157 from where we'll be looking for low risk sell opportunities. This pair should be traded alongside GBP/USD, EUR/HKD and NZD/USD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for minor upward retracements towards1.1139 to give you low risk sell opportunities with ideal targets at 1.111 and 1.1073.

Graham Osano
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