EURUSD Elliot Waves Analysis For 3 March 2016

03 March 2016, EUR/USD

Wave analysis:

EUR/USD is currently trading along a very significant support zone 1.0828-1.0786. We are waiting for a clear rebound from this zone for us to go long with our ideal targets at 1.100 and 1.108. In the meantime, we will sit on the sideline and only sell below 1.0786, and buy upon clear breakout above 1.088. This pair should be traded alongside other positively correlated pairs such as EUR/HKD, EUR/CAD and CHF/HKD. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positive correlated pairs are giving the same signal.

Trade Recommendations:

Conservative traders should sit on the sideline and only sell below 1.0786 with an ideal target at 1.0736. Buy positions should only be executed above 1.088 with an ultimate target at 1.1080.
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