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EUR/USD Technical Analysis For 24th August 2015, H4

24 August 2015, EUR/USD

Technical Analysis

EUR/USD is trading with a bearish bias. The pair successfully hit a major resistant level 1.1453 , and is now findings it difficult to close above it. as long as the pair trades below the major level 1.1453, short positions are recommended. However, if the price closes above the level 1.4969, long positions are recommended.

Correlation analysis

In the past one week, the pair had a moderate Positive Correlation of +0.67 with GBP/USD and a very strong negative correlation of -0.99 with USD/JPY. It is anticipated that, in the cause of earlier this week, these levels of correlation should hold true for the pair.

Trade Recommendations

As long as the price trades below the key resistant level 1.1453, short positions are recommended but with a stop at the support trend line.

Graham Osano
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