EURUSD Elliot Waves Analysis For 8 August 2016 | 08 أغسطس 2016

08 أغسطس 2016, EUR/USD

EURUSD Elliot Waves Analysis For 8 August 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. During the NFP's results release, Euro markets plunged down to the lower side and is still petty much bearish. We expect a possible bearish price rally towards 1.1047 or even lower. The anticipated downward rally can only be declared valid in case the pair clearly break below 1.1073. A breakout below this level will give us the green light to go short with an ideal target at 1.0959. This pair should be traded alongside NZD/USD, GBP/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear breakout below 1.1073 then go short with an ideal target at 1.0959.

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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