EURUSD Elliot Waves Analysis For 28 January 2016 | 28 January 2016

Wave Analysis:

EUR/USD is currently trading with a slight bullish bias. We are waiting for a clear bounce from the the upper resistive trend line to continue short with wave (5). In the meantime, we will be long only up to 1.095. This pair should be traded along side other positively correlated pairs such as EUR/NZD, EUR/GBP, EUR/CAD, and EUR/AUD. These pair have a strong positive correlation of up to +0.96 and are thus expected to move in a similar direction . Only buy or sell Euro if all the other other positively correlated pairs are giving the same signal.

Trade Recommendation:

Sell upon a clear bounce from the upper resistive trend line. The sell position should be accompanied by a TP level at 1.06. In the meantime, remain long with your target at 1.09