EURUSD Elliot Waves Analysis For 8 March 2016 | 08 March 2016
08 March 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro traded long and even broke above the key resistant level 1.1001 and is still pretty much bullish. We expect further rally to the upper side with an ultimate target at 1.1103. A clear break above 1.10841 would mean we are headed further long with the next target at 1.1331.A long term resistant is seen at 1.1331 which will no doubt protect the upward rally thereby causing a possible reversal. Euro should be traded alongside another positively correlated pair such as GBP/USD. Pound and Euro are strongly positively correlated and will likely have the same price direction during this intraday. Thus, as long as pound remains bullish, we are long in Euro.
Trade Recommendations:
Wait for a clear close above 1.1084, then go long with your targets at 1.1103 and 1.1331. A clear rebound from 1.1065-1.1084 would mean we are headed short with our ideal target at 1.0824
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