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EUR/USD Technical Analysis For 21st September 2015, H4

21 September 2015, EUR/USD

Technical View:
EUR/USD is currently trading with a bearish Bias. assuming that wave (b) closed at 1.1456, we expect that wave (c) should now move down and close lower than wave (a) probably along the support trend line or even below it. If the latter is the case, then further movements below is expected. Traders trading this pair should observe other pairs such as EUR/GBP, GBP/AUD and NZD/CAD. These pairs have had a positive correlation of up to +0.90, and are thus expected to move in the same direction for the better part of this week.

Trade Recommendations:

If you haven't sold the pair already, then wait and sell below 1.1188, and sell only up to the lower resistance trend line. Any movements above 1.1550 will signal a change in direction and thus long positions are ideal for trading.

Graham Osano
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