EURUSD Elliot Waves Analysis For 18 January 2016 | 18 Januari 2016
18 Januari 2016, EUR/USD
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, while Pound was heading short relentlessly, euro shot upwards and even crossed above 1.0933. We expect the level 1.0981 to have marked the end of wave (4), that the current downward movement is the unfolding of wave (5) with an ultimate target along the lower green trend line. This pair should be traded alongside other pairs such as EUR/AUD, EUR/HKD, and GBP/ZAR. These pairs have a strong positive correlation of up to +0.89 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 Recommendation:
As long as Euro trades below 1.0933, look for short positions with ultimate targets below 1.070 but not lower than the Green supportive trendline.
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