31 August 2015, EUR/USD
EUR/USD is currently trading with a slight bearish Bias. The pair bounced off from the 61.8% fib level, and is currently rallying back upwards to the 50.0% fib level. It is anticipated that should the pair close above the 50.0% fib level, the current wave is expected to continue upwards to the 38.2% fib level. However, should the current wave rally down and close below the 61.8% fib level and also below the support trend line. short positions are recommended. As a precaution, before you buy/ sell the pair, check other pairs such as EUR/JPY, GBP/JPY for positive correlation, they tended to move in the same direction during the previous week! Trade recommendations:
As long as the pair trades above the 61.8% fib level, long positions are recommended. Any movements below the 61.8% fib level will signal further movements below. However, should the price move upwards and close above the 50.0% fib level, long positions are recommended but up to the 1.1384/ 38.2% fib level.