EURUSD Elliot Waves Analysis For 22 January 2016 | 22 January 2016
22 January 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, wave (5) traded perfectly short as previously forecasted and even close below 1.085. We still expect further downward movements towards 1.0645. Ideally, wave (5) should close below the end of wave (3), 1.070. This pair should be traded alongside other pairs such as EUR/NZD, CHF/HKD, AUD/CAD, and GBP/CAD. These pairs have a strong positive correlation of up to +0.92, and are thus expected to have a similar price pattern. Only buy or sell euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Remain short with an ultimate target at 1.070
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.
