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EUR/USD Technical Analysis For 28th August 2015, H4

28 August 2015, EUR/USD

Technical View
EUR/USD is currently trading with a bearish bias. The pair successfully crossed our key level 1.1384, and even went further down and is right now on a corrective move upwards. As long as the pair trades below 1.1276, short positions are recommended but with a stop at at the support trend line. However, should the price cross and close above 1.1276, long positions are recommended but with a stop at 1.1384. Any movements below the support trend line will signal further movements below to the next support trend line. As a precaution measure, before you sell the pair below the support trend line, ensure that the US dollar index is showing a clear buy signal and is trading above 96.13. The two are highly negatively correlated.
Trade Recommendations:

As long as the pair trades below the 50% fib level, short positions are recommended but with a stop at the 61.8% fib level or the support trend line. Any clear movements below the support trend line will signal further movements below.

Graham Osano
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