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EUR/USDTechnical Analysis For 24th September 2015, H4

24 September 2015, EUR/USD

Technical View:
EUR/USD is currently trading with a slight bullish bias. The pair moved long for the better part of the previous day and is currently trading along a key pivot level 1.1212. Unless a clear break out above 1.1212 is observed, short positions should be ideal since we expect wave (c) to close below 1.1087, probably along the support trend line. Traders trading this pair should observe other pairs such as EUR/JPY and EUR/GBP for strong positive correlation. This pairs are bound to move towards the same direction during this business day.

Trade Recommendations:

Wait for a clear breakout above 1.12122 and buy but with stops at 1.1333 and 1.1548. In an alternative scenario, should it bounce oiff from 1.1212, the short positions are ideal but only up to 1.1084, and the next stop at the support trend line.

Graham Osano
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