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EURUSD Technical Analysis For 16th October 2015

16 October 2015, EUR/USD

EURUSD Technical Analysis For 16th October 2015
Technical View:
EURUSD is currently trading with a slight bearish Bias. The pair traded short after forming a double top at 1.1483. We expect further downward movements probably upto 1.1259 before buy positions can be recommended. For now short positions are ideal but with stops at 1.1259. This pair is strongly positively correlated to EURHKD and EURJPY, thus they are expected to move in the same direction, only buy or sell EUR, if the other positively correlated pairs are giving the same signal

Trade Recommendations:

If you haven't sold the pair already, you can wait and sell below 1.1346, or buy at 1.1294, with stops at 1.1365, and the next stop at 1.1450. Basically, we expect further downward movements, the current green candles are not strong enough to keep the market long for along time.

Graham Osano
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