EURUSD Elliot Waves Analysis For 3 Dec 2015

03 December 2015, EUR/USD

Wave Analysis:
EUR/USD is currently trading with a bearish bias. The pair went short and even hit out first target support 1.05556, ending up forming an exhaustion. We are waiting for minor upward movements towards 1.06347, before we continue short with our target at 1.05480. Traders trading this pair should observe other pairs such as EUR/JPY, EUR/HKD, EUR/AUD and EUR/CAD for similar price movements, only buy or sell Euro if all the other positively correlated pairs are giving the same signal. These pairs a have strong positive correlation of up to +0.95 and are thus expected to move in a similar direction.

Trade Recommedations:

Go short from 1.06347 which should target 1.05480.
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