EURUSD Elliot Waves Analysis For 27 April 2016

usd_newsWave Analysis:

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded massively long and even tested a key resistance level 1.1333. Following the retracements towards 1.1282, we expect the current upward rally to be the unfolding of wave (b) with a target at 1.1333 from where we’ll be looking to go short with wave (c). Only a clear breakout above 1.1333 will invalidate this view. This pair should be traded alongside GBP/USD, EUIR/CHF, NZD/CHF, and AUD/USD. These pairs have a very strong positive correlation of up to +0.9 and will likely have a similar price action during this intraday. Only buy or sell Euro if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain long but only up to 1.1333, a clear breakout above this level will call for further long positions. Sell from 1.1333 or below 1.1282. The sell orders should have an ultimate target at 1.12177.

EURUSD Elliot Waves Analysis For 27 April 2016

Origin: FreshForex

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