01 April 2016, EUR/USD
Wave Analysis:
EUR/USD is curently trading with a bullish bias. Unfortunately, the pair hit our stop loss and is currently trading above it. Following the break above the resistance level 1.1323, we will remain long with our next target at 1.1492. However, in case the price turn bearish and ends up closing below 1.1323, then we will be looking for short positions with our target at 1.1175. A break below 1.1175 will push the price further low to 1.0822. This is however unlikely since the price is yet to fulfill the two waves wave (c) and wave ((c)). Both the two waves should end atleast along the level 1.1492. This pair should be traded alongside GBP/USD. This pairs have a strong positive correlation of up to +0.96 and will likely move in a similar direction during this intraday. Only buy or sell Euro, if the other positively correlated pair is giving the same signal.
Trade Recommendation:
As long as the pair trades above 1.1323, look for long positions with your target at 1.1492. A break above this level will push the price further to the upper side. However, should the price turn bearish and end up closing below 1.1323, look for short positions with your targets at 1.1175 and 1.0822
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