EURUSD Elliot Waves Analysis For 12 February 2016 | 12 فبراير 2016

EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded long and even found a resistance along the upper resistive trend line. Unless the price closes above 1.1341, we will remain short but with our target at 1.1213, a close above will call for a long position with our targets at 1.1375 and 1.1471. Euro should be traded alongside other positively correlated pairs such as EUR/CAD, EUR/GBP, EUR/NZD, and EUR/HKD. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.