EURUSD Elliot Waves Analysis For 5 April 2016 | 05 April 2016
05 April 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro traded long but could not close above the level 1.1420, forming top of the rising triangle. We are waiting for clear close above this daily resistance (1.1420) to go long with our ultimate target at 1.1492. In case of a break above this level, wait for price to retrace back to it, then buy wave (c). In an alternative case scenario, should be price break below the ascending trendline, then sell the pair with your target at 1.1156. Alternatively, you can wait for price to retrace back to this trendline before selling. This pair should be traded alongside The Cable, these pairs have a strong positive correlation of up to +0.85 and will likely move in a similar direction during this intraday. Only buy or sell Euro if the cable is giving the same signal.
Trade Recommendations:
Wait for a clear break above 1.1420, then buy the pair with your target at 1.1492. In case the price close below the ascending trendline, then sell the pair with your target at 1.1156
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