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EUR/USD Technical Analysis For 20th August 2015, H4

20 August 2015, EUR/USD

Technical View:

EUR/USD is trading with a bullish Bias. although the pair is currently trading at 1.1133, above the 61.8% fib level, the pair has successfully crossed above the key level, 1.1126, thus as long as the pair trades above the 61.8% fib and above the key level 1.1126, long positions are recommended but with an ultimate target at 1.14044. This upward move is supported by the fact that, during the cause of the previous days EUR has maintained a moderate positive correlation of +0.7 with the GBP. It is highly likely that, this positive correlation will likely continue on the intraday.

Trade Recommendation;

Since EUR is trading above a potential but minor key level 1.1126, long positions are recommended as long as it keeps closing above the 61.8% fib.In an alternative case, should the pair cross and close below the 61.8% fib, short positions are recommend but with a stop at the support trend line

Graham Osano
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