EURUSD Elliot Waves Analysis For 22 July 2016 | 22 Juli 2016
22 Juli 2016, EUR/USD
Wave Analysis
EUR/USD Is currently trading with a bearish bias. Yesterday, the pair broke below a key support level 1.1034 but is currently retracing to it. As long as the pair trades below 1.1034, we expect a possible bearish price movements towards 1.094 or even lower. A clear breakout above 1.1047 may invalidate the anticipated downward rally. This pair should be traded alongside EUR/JPY, GBP/USD, AUD/USD, and NZD/USD. 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 below 1.1034, remain short with an ideal target at 1.0946
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.
