EURUSD Elliot Waves Analysis For 3 May 2016 | 03 May 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded long and even broke above a key resistance level 1.1444, Following this breakout, we are very reluctant to go short, instead, we are looking for further acceleration to the upper side. In the meantime, we look for minor pullbacks to the lower side to give us a low risk buy positions. This pair should be traded alongside GBP/USD, AUD/USD, EUR/CHF, EUR/GBP, and NZD/USD . These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.

Trade Recommendations:

If you are not short already, wait for minor retracements to the lower side to go long with your target at 1.17104. A clear breakout above this level will push the price further to the upper side.