EURUSD Elliot Waves Analysis For 15 March 2016 | 15 March 2016

Wave analysis:

EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro retraced towards our pivot level 1.1027 but could not go below it. we expect a rebound from this pivot level for us to long with our ultimate target at 1.1338. In an alternative case scenario a break above 1.1338 will call for further long positions with our target at 1.1492. Euro should be traded alongside GBP/USD. For the past few business days, these pairs have had a strong positive correlation of up to +0.97 and will likely move in a similar direction during this intraday.

Trade Recommendations:

Wait for the price to rebound from 1.1027, then buy the pair with your ultimate target at 1.1338. If the pullback breakout below 1.099, then go short with your next ideal target at 1.0732.