EURUSD Technical Analysis For 2nd November 2015
02 November 2015, EUR/USD
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.
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
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us