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EURUSD Elliot Waves Analysis For 19 August 2016

19 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 19 August 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded long as previously forecasted but is yet to reach our target resistance level at 1.13866. Euro is still pretty much bullish on the daily chart and may head further to the upper side. We expect the current downward movement to be a mere corrective pullback and should not go beyond 1.13080 from where we'll be looking for potential low risk buy opportunities. This pair be traded alongside EUR/JPY, GBP/USD, NZD/USD and AUD/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 the current downward pullback to rebound around 1.13080 then go long with an ideal target at 1.13866.

Graham Osano
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