EURUSD Elliot Waves Analysis For 2 March 2016 | 02 مارس 2016

02 مارس 2016, EUR/USD

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded short but is yet to reach our target of 1.079, during this intraday, expect further movements towards this support level. A clear break below this support will call for further short positions with an ultimate target at 1.063. This pair should be traded alongside other positively correlated pairs such as EUR/CAD and NZD/CAD . 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.

Trade Recommendation:

Remain short with your ideal target at 1.079. A clear break below this support will call for further short positions with an ultimate target at 1.063.

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.

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Bob Stan

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