EURUSD Elliot Waves Analysis For 24 December 2015

Posted On 24 Dec 2015

24 December 2015, EUR/USD

Wave Analysis:

EUR/USD is currently trading with a bearish bias. The pair crossed and closed below 1.092, but is currently retracing towards it. Unless there is a clear break out above 1.094, we are short with targets below 1.081. In case the price crosses above 1.094, then we will go long with targets above 1.101. Ideally, wave (5) should close below 1.081 but not lower than 1.071. This pair should be traded alongside other pairs such as EUR/GBP, and EUR/HKD.This pair are strongly positively correlated to the Euro and are thus expected to have a similar price action.

Trade Recommendation:

Unless there is a clear break out above 1.094, remain short with targets below 1.081. In case the price crosses above 1.094, then we will go long with targets above 1.101.
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