EUR/USD is currently trading with a bearish bias. During the previous trading day, wave (5) traded perfectly short as previously forecasted and even close below 1.085. We still expect further downward movements towards 1.0645. Ideally, wave (5) should close below the end of wave (3), 1.070. This pair should be traded alongside other pairs such as EUR/NZD, CHF/HKD, AUD/CAD, and GBP/CAD. These pairs have a strong positive correlation of up to +0.92, and are thus expected to have a similar price pattern. Only buy or sell euro if all the other positively correlated pairs are giving the same signal.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.