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EURUSD Elliot Waves Analysis For 2 March 2016

EURUSD Elliot Waves Analysis For 2 March 2016 | 02 March 2016

02 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 2 March 2016
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded short but is yet to reach our target of 1.079, during this intraday, expect further movements towards this support level. A clear break below this support will call for further short positions with an ultimate target at 1.063. This pair should be traded alongside other positively correlated pairs such as EUR/CAD and NZD/CAD . These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with your ideal target at 1.079. A clear break below this support will call for further short positions with an ultimate target at 1.063.

Bob Stan
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