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EUR/USD Technical Analysis For 9Th September 2015, H4

09 September 2015, EUR/USD

Technical View:
EUR/USD is currently trading with a bearish Bias. The pair broke above our key resistance level 1.1186, but ended up closing below it during the previous business day. It is anticipated that as long as the pair trades below the 61.8% fib level, short positions are recommended but only up to the support trend line. Any movements below this support trend line will signal further movements below up to the 100.0% fib level. Traders trading this pair should observe closely EUR/GBP for positive correlation. Only buy or sell EUR/USD, if both of them are giving the same signal. These pairs have a strong positive correlation of up to +0.99 and will continue to move in the same direction during this intraday.
Trade Recommendations:

If you haven't bought EUR already, then wait for it to retrace back to the resistance trend line then buy. However, should the pair close above this resistance trendline, then long positions could be ideal for trading.

Graham Osano
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