EURUSD Elliot Waves Analysis For 17 March 2016

17 March 2016, EUR/USD

EURUSD Elliot Waves Analysis For 17 March 2016

Wave Analysis:

EUR/USD is currently trading with a bullish bias. During the previous trading day, Euro traded long and is still pretty much bullish. From the ongoing price action, the demand for Euro by far out weighs its supply, thus, during this intraday, we wait for minor pullbacks towards 1.1178 for us to go long with our target at at 1.1338, A break above 1.1338 will call for further long positions with our ultimate target at 1.1492. This pair should be traded alongside AUD/USD and GBP/JPY. These pairs have strong positive correlation of up to +0.90 and will likely have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade recommendations:

Wait for minor pullbacks towards 1.1178 for you to buy the pair with your targets at 1.1338 and 1.1492
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