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EURUSD Technical Analysis For 20th October 2015

20 October 2015, EUR/USD

EURUSD Technical Analysis For 20th October 2015
Technical View:
EUR/USD is currently trading with a bearish bias. The pair went short as previously forecasted but failed to hit a key pivot level 1.1294, we are currently waiting for the minor corrective move upwards to reach 1.1347 before we continue short, sellers should therefore get ready with short positions around 1.1347, with stops at 1.1294, and the next stop at 1.1259. This pair is strongly positively correlated to EUR/HKD, and EUR/JPY, thus they are expected to move in the same direction, therefore, only buy or sell the pair if all the other currency pairs are giving the same signal.

Trade Recommendations:

Wait for the current corrective move to reach 1.1347, then sell the pair with stops at 1.1294, and the next stop at 1.1259. Buy along 1.1294, and above 1.1380 with stops at 1.1440, and the next stop at 1.1479.

Graham Osano
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