EURUSD Elliot Waves Analysis For 8 April 2016

euroWave Analysis:

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded short and even tested the daily support 1.1333 but could not close below it. During this intraday, we expect a close below 1.1333 to mark the continuation of wave (a) towards 1.1282. Although we anticipate massive downward movements in the long-run, we will wait for upward pullbacks from 1.1282 towards 1.1333, or even higher to the now resistive trendline, to give us a low risk trading opportunity. We will thus exit our trades at 1.1282, and look to go short upon a clear rebound from 1.1333. This pair should be traded alongside EUR/CHF, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.

Trade Recommendations:

Wait for a clear break below the immediate supportive trend line then go short with your target at 1.1333, a break break below this level will push the price further to the lower side (1.1282) from where we’ll be looking for upward retracements towards 1.1333 or even higher to the now resistive trendline.

Origin: FreshForex

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