EURUSD Elliot Waves Analysis For 11 February 2016

11 February 2016, EUR/USD

Wave Analysis:
EUR/USD is currently trading just below a very significant resistant level 1.1316. Unless the price breaks above 1.1337, we will be keen to look for short positions below 1.1316 with our targets at 1.1213 and 1.1128. A close above 1.1337 would mean we are headed long but with an ultimate target at 1.147. This pair should be traded alongside other positively correlated pairs such as EUR/GBP, EUD/AUD and EUR/HKD . These pairs have a strong positive correlation of up to +0.99 and are thus expected to have a similar price pattern. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:

As along as the pair trades below 1.1316, look for short positions with your targets at 1.1213 and 1.1128. A close above 1.1337 would mean looking for long positions but with your target at 1.147
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