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EUR/USD Technical Analysis For 5th October 2015

05 October 2015, EUR/USD

EUR/USD Technical Analysis For 5th October 2015
Technical View:
EUR/USD is currently trading with a bearish bias. The pair shot straight upwards and hit a key level 1.1318, but bounced off from it, and is currently trading below it. EUR, is expected to trade in the lower ranges as long as it trades below this level and above the supportive trendline. Another area to watch is 1.15.This level has a psychological significance, thus EUR markets may require a very strong surge to penetrate this level. Any clear failures at this level will send price downwards a very short time. EUR/USD is strongly positively correlated to EUR/CAD and GBP/CAD and are expected to move in the same direction during this intraday.

Trade recommedations:

As long as the pair trades below 1.1318, short positions are ideal for trading, any clear movements above this level will signal further movements to the upper side even up to 1.15. Traders should look for potential sell positions at 1.15

Graham Osano
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