EURUSD Technical Analysis For 29th October 2015

29 October 2015, EUR/USD

EURUSD Technical Analysis For 29th October 2015
Technical View:
EUR/USD is currently trading with a bearish bias. The pair bounced off from a key resistant level 1.1089, and headed short as previously forecasted. We still expect further movements probably up to 1.08425, or even further below. Any movements below 1.08425 will signal further movements to the lower side. This downward movement is highly anticipated since other positively correlated pairs such as GBP/USD and EUR/GBP are all headed short. Nonetheless, only buy or sell the pair if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:

Remain short for now but have your TPs at 1.08222, and the next at 1.07283. We may alos look for potential buy signal along the support level 1.08222. Ideally, we expect wave (c) to close below the level 1.08222

Graham Osano
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