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EUR/USD Technical Analysis For 21th August 2015, H4

21 August 2015, EUR/USD

Technical View:

EUR/USD is trading with a bullish bias. The pair is likely to trade on the higher ranges as long as it trades above the key resistant level 1.1275. in the meantime we are waiting for a corrective move to around the temporary support 1.1194. In another outlook, should the pair break below the level 1.1194, short positions are recommended but with a stop at 1.11113 and another support at the support trend line.

Correlation analysis:

EUR/USD has had a moderate positive correlation of +0.68 with GBP/USD and a very strong negative correlation of -0.95 with USD/JPY in the past few days.

Trade Recommendations:

As long as the pair trades above the key levels 1.1275, long positions are recommended. the only thing that can defeat this perceptive is when the corrective move we anticipate from the current trend goes below the support 1.1194.

Graham Osano
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