EUR/USD is currently trading with a bullish bias. Instead of heading upwards towards our key level 1.107, the pair retraced from 1.104, and bounced off from our support level 1.092, and is currently trading above it. We are waiting for a close above 1.104 for as to continue long. Otherwise, should the price close below 1.092, then we will go short with targets at 1.078 and 1.055. This pair should be traded alongside other pairs such as EUR/GBP, EUR/CAD, and EUR/AUD. These pairs have a strong positive correlation of up to +0.96 and are thus expected to move in a similar direction.
Conservative traders should wait and buy above 1.104, and sell below 1.092, with targets ta 1.078, and the next target at 1.055