01 September 2015, EUR/USD
EUR/USD is currently trading with a bearish Bias. The pair crossed above the 50.0% fib level and is now trading above it. As long as the pair trades above this level, long positions are recommended but with a stop at the 38.2% fib level or resistance level 1.1384. However, should the price shift downwards such that the current wave begins to rally downwards, below the support trend line, then short positions are recommended with a stop at the next support trend line. Traders trading this pair should also observe other positively correlated pairs such as EUR/JPY for correlations. Only buy or sell if both pairs are giving the same clear signal
As long as the pair trades above the 50.0% fib level, long positions are recommended with a stop at the resistance level 1.1384. should the price close below the 50.0% fib level, short positions should be reconsidered.