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EUR/USD Technical Analysis For 14th October 2015

14 October 2015, EUR/USD

EUR/USD Technical Analysis For 14th October 2015
Technical View:
EUR/USD is currently trading with a bullish bias. The pair traded bullish for the better parts of yesterday's intraday but failed to close above our key resistant level 1.1395, we expect a corrective wave from this level downwards probably up to 1.1259, before we go long, sell positions will thus be ideal for trading. This pair is strongly positively correlated to EUR/JPY and EUR/GBP, thus only buy or sell EUR is the other positively related pairs are giving the same signal.

Trade recommendations:

Since Euro has reached our target key resistant and is trading just below it, short positions are ideal, ideally, we expect a begin of a three wave cycle with wave (a) ending at 1.1335. Thus sell the pair but with stops at 1.1335, and the next stop at 1.1295

Graham Osano
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