EURUSD Elliot Waves Analysis For 25 January 2016 | 25 يناير 2016
25 يناير 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded long and ended up finding a resistant at 1.105, marking the end of wave (4). We expect the current downward movement to be the continuation of wave (5) with a target at 1.06 or even lower to 1.05. This pair should be traded alongside other pairs such as CAD/HKD, CHF/JPY, EUR/CAD, CHF/ZAR and EUR/NOK. These pairs have a strong positive correlation of up to +0.93 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positive correlated pairs are giving the same signal.
Trade Recommendations:
Remain short with your targets at 1.063 and 1.050.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
