EURUSD is currently trading with a bearish bias. The pair traded long for the better parts of Yesterday but could not close above a significant resistant level 1.10704, instead, the pair turned around from 1.10499 and is currently headed short. We will remain short in this pair as long as other positively correlated pairs such as EUR/HKD and EUR/GBP trades short. Our short positions will however be accompanied buy stops at 1.0975, and the next stop at 1.09432.
As long as the pair trades below 1.10179, short positions are recommended but with stops at 1.0975, and the next stop at 1.09432. Buy positions are only recommended above 1.1035.