EURUSD Elliot Waves Analysis For 8 June 2016 | 08 Junho 2016

08 Junho 2016, EUR/USD

EURUSD Elliot Waves Analysis For 8 June 2016

Wave Analysis

EUR/USD is currently ranging around 1.1377. As expected yesterday, this pair is in a process of a triangular formation. Thus, during this intraday, we are not in a hurry to go short or long instead, we are waiting for a break above the triangle to go long or a break below it to short.A break above 1.1377 is highly likely, though we cannot rule out the possibility of price moving in an opposite direction. This pair should be traded alongside EUR/GBP, and AUD/USD. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now and wait for a clear breakout above 1.1377 to go long with your target at 1.1438 or a break below the lower trendline forming bottom of the triangle to go short with your target at 1.1324 and 1.1263.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Entrar
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.