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EUR/USD Technical Analysis For 15th October 2015

15 October 2015, EUR/USD

EUR/USD Technical Analysis For 15th October 2015
Technical View:
EUR/USD is currently trading with a bullish bias. The pair went long as previously forecasted and even closed above a key resistive level 1.1435. As long as the pair trades above this level, long positions will be ideal for trading but with stops at 1.1556, and the next stop at 1.17083. Ideal, the 5 wave cycle should end at 1.1555 for a corrective wave to begin. We will look to sell this pair when the current downward movement in USD/JPY is over, these two pairs are strongly negatively correlated and are expected to move opposite one another.

Trade recommendations:

If you haven't ought the pair already, wait for a minor pullback to end at 1.1444, then sell but with stops at 1.1556, and the next stop at 1.17083. Basically, wave (5) should close at 1.1556

Graham Osano
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