EURUSD Elliot Waves Analysis For 18 April 2016 | 18 April 2016
18 April 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bullish. During the previous trading day on 15 April 2016, the pair broke out above a key resistance zone 1.1282-1.1286 and is currently retracing downwards towards it. As long as the price trades above this zone, expect an upward rally towards 1.1333. A clear breakout below 1.1282 will push then price further to the lower side with our next target at 1.1213. This pair should be traded alongside EUR/AUD and EUD/GBP . These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday.
Trade Recommendations:
As long as the zone 1.1282-1.1286 protects the lower side, look for long positions with your target at 1.1333. A clear breakout above thsi level will push the price further to the upperside.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
