EURUSD Technical Analysis For 30th October 2015

30 October 2015, EUR/USD

Technical View:
EUR/USD is currently trading with a slight bullish bias. The pair bounced off from a 1.09162 and is currently trading just below a very significant key resistant level 1.09858. This level requires a big force to cross above otherwise we are short. From the correlational point of view, we anticipate a minor movement upwards then a massive movement towards the lower side. Positively correlated pairs such as EUR/GBP, and EUR/HKD, are pretty much bearish, meaning Euro markets are likely to plunge down in the long run. We choose to remain long for as much as the price action remains Bullish, then go short afterwards.

Trade Recommendations:

Remain long as long as the pair trades below 1.09858, then go short but with stops at 1.08651, and the next stop at 1.081092.

Graham Osano
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