EURUSD Elliot Waves Analysis For 11 January 2016 | 11 January 2016
11 January 2016, EUR/USD
Wave analysis:
EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro traded short and ended up making a lower low below 1.081 but could not close below it. The pair is currently trading just below a very significant resistant level 1.093. We are waiting for a clear break above this level to go long with an ultimate target at 1.1025. Otherwise, as long as 1.093 remains as a strong resistant level, we will be keen to look for long short positions from this level with our target at 1.055 . This pair should be traded alongside other pairs such as EUR/HKD, EUR/GBP, AUD/USD, and EUR/CHF. These pairs have a strong positive correlation of up +0.95 and are thus expoected 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
Wait for a clear break above 1.093 then go long with an ultimate target at 1.1025. Otherwise, as long as 1.093 remains as a strong resistant level, look for long short positions with targets at 1.055
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