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EURUSD Elliot Waves Analysis For 23 August 2016

23 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 23 August 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, Euro found a support at 1.1267, headed long and even broke above 1.1312, during this intraday, we still expect further movements to the upper side but should not go beyond 1.1386. This view can only be invalidated in case the price turn bearish and end up closing below 1.1308. If the latter is the case, then we expect a possible bearish price movements towards 1.1276 or even lower to 1.1222. This pair should be traded alongside EUR/HKD, GBP/USD, NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 1.1386.

Graham Osano
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