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EURUSD Elliot Waves Analysis For 16 August 2016

16 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 16 August 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded long as previously forecasted and is still pretty much bullish on the daily chart. During this intraday, we expect a possible bullish price rally towards 1.1222 or even higher. A key resistance level is seen at 1.1222. This is a key level and may protect any upward rally, however, we can not rule out a possibility of a breakout above this level. This pair should be traded alongside NZD/USD, AUD/USD 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:

Remain long with an ideal target at 1.1222, Or you could wait and buy upon a clear breakout above 1.1222.

Graham Osano
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