EURUSD Elliot Waves Analysis For 25 July 2016 | 25 Juli 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Earlier today, the pair gapped down into our objective supportive level 1.0952. As long as the level 1.0952, holds true as a strong support level, we expect the current upward rally to continue to the upper side and may close above 1.1024. Only a clear breakout below 1.0952 will invalidate the anticipated upward rally. This pair should be traded alongside GBP/USD, AUD/USD, NZD/USD, and AUD/JPY. 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 long with an ideal target at 1.1028.