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EURUSD Technical Analysis For 18th November 2015

18 November 2015, EUR/USD

EURUSD Technical Analysis For 18th November 2015
Wave Analysis:
EURUSD is currently trading with a bearish bias. We are waiting for a minor pullback probably up to 1.06762 before we continue short. Ideally, we expect wave (5) to continue short only up to the support trend line at 1.04573. Traders trading this pair should observe other currency pairs such as EUR/GBP, EUR/JPY and EUR/SGD for similar price movements. This pairs have a very strong positive correlation of up to +0.96. They are thus expected to move in a similar direction. Only buy or sell Euro if all the other currency pairs are giving the same signal.

Trade Recommendations:

Wait for a minor pullbacks towards 1.06762, then sell but with SL at 1.07145, and our target at 1.04573

Graham Osano
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