EURUSD Elliot Waves Analysis For 11 July 2016 | 11 Juli 2016

11 Juli 2016, EUR/USD

EURUSD Elliot Waves Analysis For 11 July 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. The pair entered into a consolidation not going above 1.1167 or below 1.1034. During this intraday, we expect a possible bearish break below 1.1034 to go short with an ideal target at 1.094. The overall trend is bearish and a clear breakout below 1.1034 will confirm the anticipated bearish rally. This pair should be traded alongside EUR/JPY, and EUR/CHF. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above 1.1048 remain long with an ideal target at 1.1167. A breakout below 1.1034 will call for short positions with a ideal target at 1.094

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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