EURUSD Elliot Waves Analysis For 7 June 2016 | 07 June 2016

Wave Analysis

EUR/USD is currently trading with a bullish bias. Yesterday, the pair made a marginal higher high above 1.1368 but ended up closing below it. The level 1.1368 is a strong resistance level and will act as a challenge to any upward rally, thus, as long as the pair trades below this resistance level, we expect an acceleration towards 1.1324 or even below to 1.1217. This view can only be invalidated in case the pair breaks above 1.1368 before using it as a support on the upper side. This pair should be traded alongside NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the level 1.1368 protects the upper side, remain short with your targets at 1.1324 and 1.1283.