EURUSD Elliot Waves Analysis For 10 August 2016 | 10 أغسطس 2016

Wave Analysis:

EUR/USD is currently trading with a declining Bullish bias. Yesterday, the pair rebounded from a key support level 1.1073, headed perfectly long as previously forecasted but is currently finding it hard to break above a key supply zone 1.1147-1.1157. We expect a possible bearish rebound from this zone to go short while a clear breakout above 1.1157 may invalidate the anticipated downward rally. This pair should be traded alongside EUR/HKD, GBP/USD, NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action duing this intraday.

Trade Recommendations:

Expect a possible bearish rebound from the zone 1.1147-1.1157 to go short with targets at 1.1112 and 1.1073. Buy positions are only recommended above 1.1157 with an ideal target at 1.1219