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EURUSD Elliot Waves Analysis For 15 August 2016

15 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 15 August 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. During the previous trading day on 12th August 2016, Euro broke above 1.1154 following a new release, headed long and even hit a target resistance level 1.2222, however, earlier today, the pair retraced to the lower side and even ended up below 1.1156. We are waiting for clear signal to either continue short or long depending on what happens next. In the meantime, as long as the pair trades below 1.1156, expect a possible downward rally towards 1.1112, a clear breakout above 1.1161 may invalidate the anticipated downward rally.This pair should be traded alongside EUR/JPY 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:
As long as the pair trades below 1.1156, expect a downward rally towards 1.1112, a clear breakout above 1.1161 will call for long positions with an ideal target at 1.1222
Graham Osano
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