13 August 2015, EUR/USD
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Technical View
The pair is expected to trade with a bearish bias. The pair has remained below its previous broken support and is expected to trade further low as long as it remains below the level 1.11551. Further movements below the support 1.11113 will signal further movement below with a support at the trend line. Besides, the pair has been in a positive correlation with GBP, supporting the fact that it may follow it. This means that a clear breakout below the support trend line will signals further movements below with first stop at 1.10812 and a second stop at 1.10633.
Trade Recommendations:
As long as the pair trades below the support trend line, short positions are recommended. However, should the pair bounce at the support trend line, long positions are recommended with first stop at 1.11551 and a second stop at 1.11673
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