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EURUSD Elliot Waves Analysis For 18 August 2016

18 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 18 August 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the pair broke above a key resistance level 1.1276, headed long and even tested a key level 1.1319. Although we expect further movements to the upper side, we will only be interested in going long upon a clear breakout above 1.1319. Any clear rally below 1.1267 will invalidate the anticipated upward rally and may drive the price towards 1.1228 or even lower. This pair should be traded alongside NZD/USD, GBP/USD, AUD/USD and EUR/HKD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Buy positions are only recommended above 1.1319 with an ideal target at 1.1366. Sell positions are ideal below 1.1267 with an ideal target at 1.1222.

Graham Osano
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