EURUSD Elliot Waves Analysis For 7 July 2016 | 07 Juli 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, instead of going short as previously forecasted, the pair rebounded from the support level 1.1040, headed long but is yet to reach our target resistance level 1.1167. During this intraday, we expect a bullish price movements towards 1.1167 or even a break above it. This pair should be traded alongside AUD/JPY, EUR/JPY, GBP/JPY and NZD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long but only up to 1.1167. Sell positions are only recommended upon a clear rebound from 1.1167 or below 1.1040 with an ideal target at 1.0946.