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EUR/USD Technical Analysis For 17th August 2015, H4

17 August 2015, EUR/USD

Technical View

EUR/USD is expected to trade with a bearish bias. The pair remains in a downtrend on an intraday basis being resisted by a key resistant level 1.11517. Although the stochastic is indicating a bearish exhaustion below 20, the price is only likely to retrace upwards to the level 1.11517 before moving further downwards. In another case, should the price close above the key level 1.11517, long positions are recommended with a stop at 1.1191, and a second stop at 1.12727.

Critical Observation:

In the previous week, EUR had a Strong, high positive correlation (+0.82) with its sister pair GBP.

Trade recommendations

The pair is trading with a bearish bias. As long as the price remains below the level 1.11112, short positions are recommended with the first stop at 1.10305 and a second step at 1.09642. eurusd-h4-FreshForex.png (55K)

Graham Osano
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