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EUR/USD Technical Analysis For 26th August 2015, H4

26 August 2015, EUR/USD

Technical View
EUR/USD is currently trading with a bearish Bias. As long as the pair trades below 1.1713, short positions are recommended. We expect the current corrective wave to rally to around 1.14190 and 1.1384, before retracing, however, should the price close below 1.1384, then the pair could move further down up to the lower support trend line. However, should the price move up and close above the level 1.1713. Then long positions are recommended. The Resistance level 1.1713 could also be potential sell zone should the pair give clear sell signals. As a precaution, traders willing to sell at the level 1.1713, should also ensure that at the same time the pair is trading at 1.1713, USD/JPY is trading at116.14 and is giving a buy signal, the latter is strongly negatively correlated to EUR, but is strongly positively correlated to US Dollar index.
Trade Recommendations

As long as EUR/USD Trades below 1.1713, short positions are recommended but with a stop at 1.1384 however should the price close below this level, the pair could move even further down. Should the price move up and close above 1.1713, the long positions are recommended. Traders willing to buy this pair should wauit for a buy signal at 1.1419, or above 1.1713

Graham Osano
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