EURUSD Elliot Waves Analysis For 27 April 2016 | 27 April 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded massively long and even tested a key resistance level 1.1333. Following the retracements towards 1.1282, we expect the current upward rally to be the unfolding of wave (b) with a target at 1.1333 from where we'll be looking to go short with wave (c). Only a clear breakout above 1.1333 will invalidate this view. This pair should be traded alongside GBP/USD, EUIR/CHF, NZD/CHF, and AUD/USD. These pairs have a very strong positive correlation of up to +0.9 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain long but only up to 1.1333, a clear breakout above this level will call for further long positions. Sell from 1.1333 or below 1.1282. The sell orders should have an ultimate target at 1.12177.