EURUSD Elliot Waves Analysis For 22 April 2016 | 22 April 2016

Wave Analysis:

EUR/USD is currently trading with a bearish bias. Yesterday, the pair broke above a key resistance level 1.1329 but ended up closing below it. During this intraday, a key support level is seen at 1.1283, a clear break below this level will push the price to the lower side. Otherwise, as long as the pair trades above 1.1286, expect and upward rally towards 1.1329. This pair should be traded alongside NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.

Trade Recommendations:

Conservative traders should sit on the sidelines and wait for a clear breakout below 1.1283 to go short with targets at 1.121. Buy positions are only recommended above 1.1324.