04 September 2015, EUR/USD
EUR/USD is currently trading with a Bullish Bias. The pair traveled to a low of 1.1088 before drifting upwards. It is anticipated that the current wave will continue to rally upwards but only up to the key level 1.1151, any movements above the key level 1.1182 will signal further movements upwards. 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.
As long as the pair trades below the key level 1.1151, long positions are recommended up to the level 1.1151 level. Any clear movements above the level 1.1182 will signal further movements upwards. Traders willing to sell this pair should wait to sell at the level 1.1151. Further sell positions can be found below the support trendline.