EURUSD Elliot Waves Analysis For 18 February 2016

18 February 2016, EUR/USD

Wave Analysis:
EUR/USD is currently rebounding from a very significant support level 1.111. As long as the pair trades above 1.110, we may have to sit on the sidelines and only sell below it. Any close above 1.117 would mean we are headed long with our ultimate target at 1.122. This pair should be traded alongside other positively correlated pairs such as EUR/GBP, EUR/ZAR, and EUR/CAD. These pairs have a strong positive correlation of up to +0.84 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:

Conservative traders should sit on the sidelines and only sell below 1.110 with your target at 1.095. Only buy above 1.117 with your target at 1.122.
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