EURUSD Elliot Waves Analysis For 12 January 2016 | 12 January 2016
12 January 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro got rejected from 1.093, headed short and even closed below 1.086. As long as Euro trades below this level, we will be looking for short positions with targets at 1.081, and 1.055. If the price should close above 1.093, then we will be keen to hunt for long positions with targets above 1.1025. This pair should be traded alongside other pairs such as EUR/HKD, EUR/AUD, and EUR/GBP. These pairs have a strong positive correlation of up to +0.95 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 Recommendations:
As long as Euro trades below 1.086. Look for short positions with targets at 1.081, and 1.055. If the price should close above 1.093, then look for long positions with targets above 1.1025.
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