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EURUSD Elliot Waves Analysis For 24 August 2016

24 August 2016, EUR/USD

EURUSD Elliot Waves Analysis For 24 August 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded long as previously forecasted but ended up forming a perfect pin bar on the daily chart. We expect this previous day's candle to culminate into a bearish reversal. Thus, during this intraday, we anticipate a massive rally to the lower side and could close below 1.1222. This pair should be traded alongside NZD/USD, GBP/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 short with the first target at 1.1276. A clear breakout below this target will push the price further to the lower side with the next target at 1.1222.

Graham Osano
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