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EURUSD Technical Analysis For 2nd November 2015

02 November 2015, EUR/USD

EURUSD Technical Analysis For 2nd November 2015
Technical View:
EUR/USD is currently trading with a very slight bullish bias. The pair bounced off from a significant resitive level 1.10075 to form a perfect exhaustion. This exhaustion has also been witnessed in other positively correlated pairs such as EUR/HKD, and EUR/SGD. This is a clear downward signal further more, another positively correlated pair EUR/GBP is already headed short. However, instead of going short immediately, we will wait for the current upward movement in GBP/USD to be exhausted then we go short on all these pairs with us having TPs at 1.09763, and the next stop at 1.09451, in EUR/USD. GBP/USD is also positively correlated to EUR/USD, the current upward movement in GBP/USD is delaying the anticipated downward movement in the Euro markets.
EURUSD Technical Analysis For 2nd November 2015

Trade Recommendations:

Wait for the current upward movement in Pound market then sell EUR but with TPs at 1.09763, and the next stop at 1.09451

Graham Osano
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