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EURUSD Technical Analysis For 13th November 2015

13 November 2015, EUR/USD

EURUSD Technical Analysis For 13th November 2015
Technical View:
EURUSD is currently trading with a bearish bias. We expect the level 1.0836 to be the end of wave (4) and to mark the beginning of wave (5). The anticipated downward movement forming wave (5) should target 1.04866. This pair is strongly negatively correlated to USDJPY, thus, should the anticipated upward movement in USD/JPY hold, then it would give a green light that we continue short in EUR/USD. Other pairs that are positively correlated to Euro include EUR/JPY, EUR/CHF. and EUR/CAD, therefore only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

If you haven't gone short already, wait and go short below 1.07779 with target at 1.04866.

Graham Osano
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