EURUSD Elliot Waves Analysis For 10 December 2015

10 December 2015, EUR/USD

Wave Analysis:
EUR/USD is currently A slight Bullish bias. Wave (c) traded long as previously forecasted and even closed above the major resistant level 1.09382, but could not reach 1.1073. We are still waiting for further upward movements towards this resistant level, before we can go short. Any close above this resistant level will call for further upward movements thus will look to buy above it. This pair should be traded alongside other pairs such as CHF/HKD, EUR/GBP, and EUR/ZAR. These pairs have a strong positive correlation and are thus expected to move in a similar direction. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Stay long with target at 1.1073, any clear movements above this level will call for further long positions.
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