EURUSD Elliot Waves Analysis For 14 July 2016 | 14 Juli 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Euro continues to trade within the equilibrium range 1.1167 and 1.1034. As long as the pair trades within this range, we look to trade reversals from either levels. A break above the range will lead to a possible bullish price rally towards 1.1267 while a breakout below 1.1034 will lead to a momentum to the lower side but should not go beyond 1.0946. This pair should be traded alongside USD/CAD and USD/CHF. The latter pairs have a strong negative correlation of up to -0.85 with Euro and will move in an exact opposite direction during this intraday.

Trade Recommendations:

As long as the pair trades within the range 1.1167-1.1034, trade reversals from either levels. A breakout above 1.1167 will call for long positions with an ideal target at 1.1267 while a break below 1.1034 will call for short positions with an ideal target at 1.0936.