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EUR/USD Technical Analysis For 3rd September 2015, H4

03 September 2015, EUR/USD

Technical View:
EUR/USD is currently trading with a bearish Bias. The pair traded below the 50.0% fib level for the better part of yesterday, but it couldn't reach the 61.8 fib level or the support trend line. Thus, as long as the pair trades below the 50.0% fib level, short positions are recommended. Any clear movements below the 61.8% fib level will signal further movements below up to the next support trend line. This pair has a very strong positive correlation of up to +0.94 with other pairs such as EUR/GBP, and EUR/AUD but is negatively correlated with AUD/CHF. Therefore, only buy EUR/USD if the first two pairs are giving a clear buy signal and AUD/CHF is showing a sell signal.
Trade Recommendations:

As long as the pair trades below the 50.0% fib level, sell positions are recommended up to the 61.8% fib level. Any clear movements below the 61.8% fib level will signal further movements below but only up to the next support trend line.

Graham Osano
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