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EURUSD Technical Analysis For 21st October 2015

21 October 2015, EUR/USD

EURUSD Technical Analysis For 21st October 2015
Technical view:
EUR/USD is currently trading with a bearish bias. the pair traded short but could not hit a key pivot line 1.1294. We still expect further downward movements to the pivot 1.1294, or even below to 1.1259. Right now, we look for a clear break and close below 1.1346 before we can fully go short. This pair is strongly positively correlated to EUR/GBP, and EUR/CAD, thus they are expected to move in a similar direction, only buy or sell Euros if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Sell below 1.1346, with stops at 1.1294, and 1.1259. Buy above 1.1386, with stops at 1.1438, and the next stop at 1.1479

Graham Osano
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Traders' opinion:
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