EURUSD Elliot Waves Analysis For 20 July 2016 | 20 Juli 2016
20 Juli 2016, EUR/USD
Wave Analysis
EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke below it's consolidation range 1.1034, headed short and is still pretty much bearish. As long as the pair trades below 1.1034-1.1164, we expect a possible bearish price rally towards 1.1093 or even below. Any clear upward retracements that end above 1.1047 may invalidate the anticipated downward rally. This pair should be traded alongside EUR/JPY, AUD/USD, NZD/USD 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.
Trade Recommendations:
Remain short with an ideal target at 1.09356
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.
