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EUR/USD Technical Analysis For 27th August 2015, H4

27 August 2015, EUR/USD

Technical View
EUR/USD is currently trading with a bearish bias. The pair crossed below our significant key level 1.1384 and is currently trading below it. As long as the pair trades below this level, short positions are recommended but with a stop at the support trendline. Although the current wave is rallying upwards, the upward movement is expected to be short lived upto 1.1384, any movement above 1.1419 will signal further movements upwards. Traders selling this pair should close observe that at the time EUR/USD is trading around 1.1384, the US dollar index should have a buy signal at 94.95, should the dollar index cross below 94.85, the EUR/USD will likely also cross above 1.1419 and head upwards. The two pair are strongly negatively correlated, the move opposite one another.
Trade Recommendations

As long as EUR/USD trades below the key level 1.1384, short positions are recommended. If you haven't sold the pair already, then wait for the current wave to rally up to 1.1384, then sell. Buy positions are recommended only when the pair manages to close above 1.1384.

Graham Osano
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