12 April 2016, EUR/USD
EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded long and even tested the daily resistance level 1.144 but could not go above 1.1453. As long as the zone 1.1444-1.1453 protects the upper side, we will look for sell orders below 1.1453 with our first target at 1.1333. A break below this target will push the price further to the lower side with our next target at below 1.1282. Buy positions will only be ideal in case of a clear rebound from 1.1333 or a breakout above 1.1453. This pair should be traded alongside NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.85 and will likely move in a similar direction during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.
As long as the level 1.1456 protects the upper side, look for short positions with you target at 1.1333. A break below this level will push the price further to the lower side with your next target below 1.1282
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