EURUSD Elliot Waves Analysis For 20 January 2016 | 20 Janeiro 2016
20 Janeiro 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, euro tested 1.08, but could not continue short, instead, it ended up up trading long and is currently struggling along a very significant resistant level 1.095, a break above this level would mean we are headed further long with our TP at 1.098. Ideally, we expect a bounce from 1.095 or 1.098 for us to continue short with wave (5). The anticipated downward movement should have a an ultimate stop at 1.064. This pair should be traded alongside other positively correlated pair such as EUR/GBP, CHF/ZAR, CHF/HKD and USD/TRY. These pairs have a strong positive correlation of up to +0.98, and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Remain Flat for now and sell upon a clear bounce from 1.098, with your targets at 1.085 1.064 or buy above 1.099 with an ultimate target at 1.1704
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.