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EUR/USD Technical Analysis For 9th October 2015

09 October 2015, EUR/USD

Technical View:
EUR/USD is currently trading with a slight bearish bias. the pair crossed above a significant key resistant level 1.1259. but is unable to close above 1.1295. We are waiting for a clear breakout above 1.1294 before long positions can fully be recommended. if the price close above 1.1294, long positions are ideal but with stops at 1.1326 and the second stop at 1.1371. Alternatively, should the price close below 1.12598, then short positions will be ideal for trading. This pair is highly positively correlated to EUR/JPY and CHF/JPY, thus only buy or sell EUR if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

We are waiting for a clear breakout above 1.1294 before long positions can fully be recommended. if the price close above 1.1294, long positions are ideal but with stops at 1.1326 and the second stop at 1.1371. Alternatively, should the price close below 1.12598, then short positions will be ideal for trading.

Graham Osano
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