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EURUSD Elliot Waves Analysis For 17 August 2016

17 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 17 August 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded perfectly long as previously forecasted and even hit our target resistance level 1.1276. The previous day's candle chart is still pretty much bullish and may push the price further to the upper side, in the meantime we wait for minor downward pullbacks towards 1.1222 to give us potential low risk buy opportunities. This pair should be traded alongside EUR/HKD, GBP/USD 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 long already, wait for minor pullbacks towards 1.1222 to buy or wait and buy above 1.1276 with an ideal target at 1.1386.

Graham Osano
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