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EURUSD Technical Analysis For 16th November 2015

EURUSD Technical Analysis For 16th November 2015 | 16 November 2015

16 November 2015, EUR/USD

EURUSD Technical Analysis For 16th November 2015
Technical View:
EURUSD is currently trading with a bearish bias. We expect the level 1.08028 to be the end of the corrective wave (4), We are thus headed short to complete the five wave cycle with wave (5) ending along the supportive trend line. Traders trading this pair should also observe other pairs such as AUD/CAD, AUD/NZD and EUR/GBP for positive correlation. These pairs have had a very strong positive correlation of up to +0.96, they are thus expected to move in a similar direction.

Trade Recommendations:

Remain short in this pair but with SL at 1.08393. You targets should be long the lower support trend line
Bob Stan
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