EUR/USD Technical Analysis For 22nd September 2015, H4
22 September 2015, EUR/USD
EUR/USD is currently trading with a Bearish Bias. Assuming that wave (b) ended at 1.1458, we expect wave (C) to close below the end of wave (a), probably along the support trend line. Since GBP/USD and EUR/USD are positively correlated, we expect that when a similar wave (c) in GBP/USD ends, wave (c) in EUR will have ended, giving us a clear buy signal. Traders trading this pair should observe closely other pairs such as EUR/CAD, and AUD/CAD for positive correlation. These pairs have had a strong positive correlation of up to +0.95, and this level of correlation is expected to continue during this intraday.
Wait for wave (c) lower than wave (a) probably along the support trend line then buy the pair, any movements below this level will signal further movements to the lower side.
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