EURUSD Elliot Waves Analysis For 13 July 2016 | 13 Juli 2016

Wave Analysis

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded long as previously forecasted, and even hit our first target resistance level at 1.1120. Following the downward rally witnessed after hitting 1.1120, we expect to continue short but only upon breaking below 1.1034. This pair should be traded alongside EUR/AUD, and GBP/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday. Euro should also be traded alongside USD/CHF and Dollar Index. These last items have a strong negative correlation with Euro and will have an exact opposite price action to Euro.

Trade Recommendations:

Expect a bearish price rally towards 1.0946. Buy orders are only recommended upon a clear rebound above 1.1049 with an ideal target at 1.1155.