EURUSD Elliot Waves Analysis For 9 March 2016 | 09 March 2016
09 March 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bearish bias. The rebound from 1.1024 invalidated the anticipated upward rally towards 1.1338, meaning, as long as the level 1.1024 is not violated, we will remain short with our ultimate target at 1.073, a break below this support would mean we are headed further short with the next ideal target at 1.05451. Ideally, in the next few days, we expect to complete the three wave cycle with the black wave (c) ending on either 1.0732 or 1.05451. In case of a violation of the level 1.1024, we will wait for a breakout above 1.1056 to continue long with our ideal target at 1.1338. This pair should be traded alongside EUR/JPY, these pairs have a strong positive correlation of up to +0.94 and are thus expected to have a similar price action. Since Euro yen is pretty much bearish, we will remain short in Euro dollar as long Euro yen is bearish.
Trade Recommendations:
Remain short with your target at 1.073. A break below this support will call for further sell orders with your next ideal target at 1.05451.
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