EURUSD Elliot Waves Analysis For 22 June 2016 | 22 Juni 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. As previously forecasted, the pair traded short and even broke below the support level 1.1291. We expect the current upward retracement to be a mere retracement to the upper side but should not close above 1.1291. Ideally,during this intraday, we still anticipate further momentum to the lower side but should not go below 1.1142. This pair should be traded alongside NZD/USD, AUD/USD, GBP/USD and AUD/USD. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

wait for the current upward pullback to turn bearish around 1.1291 then go short with you ideal target at 1.1142.