EUR/USD Technical Analysis For 24th August 2015, H4 | 24 August 2015
24 August 2015, EUR/USD
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Technical Analysis
EUR/USD is trading with a bearish bias. The pair successfully hit a major resistant level 1.1453 , and is now findings it difficult to close above it. as long as the pair trades below the major level 1.1453, short positions are recommended. However, if the price closes above the level 1.4969, long positions are recommended.
Correlation analysis
In the past one week, the pair had a moderate Positive Correlation of +0.67 with GBP/USD and a very strong negative correlation of -0.99 with USD/JPY. It is anticipated that, in the cause of earlier this week, these levels of correlation should hold true for the pair.
Trade Recommendations
As long as the price trades below the key resistant level 1.1453, short positions are recommended but with a stop at the support trend line.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
