EURUSD Elliot Waves Analysis For 4 February 2016 | 04 February 2016
04 February 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, euro failed to go short as previous forecasted, instead, it went long and even hit our daily resistant level 1.1122. Following this upward thrush, we are very reluctant to execute sell positions, instead, we are waiting for close above 1.1145 for us to continue long with an ultimate targets at 1.1315 and 1.1619. A close below 1.1021 would mean a reversal of the upward trend thus we will be looking for sell positions. This pair should be traded alongside other positively correlated pairs such as EUR/GBP, and GBP/USD. These pairs have moderate to strong positive correlation of up to +0.78. Thus, there are 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 Recommendations:
Buy above 1.1145 with your targets at 1.1315 and 1.1619.
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