EURUSD Technical Analysis For 20th November 2015
20 November 2015, EUR/USD
EURUSD is currently trading with a bullish bias. Assuming the level 1.06196 to be the end of the 5 wave cycle, we expect the current upward rally to mark the beginning of a corrective 3 wave cycle. We are waiting for a minor corrective move back to the currently crossed resistive red trend line before we continue long, but with our target at 1.08293. Euro is strongly Negatively correlated to the USDJPY are is thus expected to move exactly opposite USDJPY. Currently, USDJPY has cleared a similar upward 5 wave cycle and is on a downward corrective 3 wave cycle. Therefore, while we will be looking for buy positions in Euro, we will be looking for sell positions in USDJPY.
Wait for a minor pullback back to the just broken resistive trednline then buy with target at 1.08295, this should mark the end of wave (a).
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