EURUSD Elliot Waves Analysis For 12 July 2016 | 12 Juli 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. As previously forecasted, the pair continues to trade within the consolidation zone 1.1167-1.1034. As long as the pair trades within this consolidation, we expect to trade reversals within the range. A breakout above 1.1167 will lead to a possible bullish price movements towards 1.1267 while a breakout below 1.1034 will culminate into a possible bearish price rally towards 1.0935. This pair should be traded alongside GBP/USD, GBP/CHF, and EUR/JPY. 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 1.1151. A breakout above this target will call for further long positions with an ideal target at 1.1267. Sell orders are only recommended below 1.1034 with an ideal target at 1.0935