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EUR/USD Technical Analysis For 12th October 2015

EUR/USD Technical Analysis For 12th October 2015 | 12 October 2015

12 October 2015, EUR/USD

EUR/USD Technical Analysis For 12th October 2015
Technical View:
EUR/USD is currently trading with a bullish bias. The pair crossed above a very significant resistant zone 1.1294, and 1.1259, and is currently trading above it. As long as the pair trades above this zone, long positions will be ideal for trading, we will wait for the current pullback to reach 1.1346 then we go long with stops at 1.1402, and the next stop at 1.1446. Any movements below 1.1326 will signal further movements to the lower side thus selling will be recommended but with stops at 1.1286, and the next stop at 1.1259. This pair is strongly positively correlated to EUR/HKD, and GBP/JPY, thus they are expected to move in the same direction during this intraday.

Trade Recommendations: As long as the pair trades above 1.1296, long positions will be ideal for trading, with stops at 1.1402, and the next stop at 1.1446. Any movements below 1.1326 will signal further movements to the lower side thus selling will be recommended but with stops at 1.1286, and the next stop at 1.1259.

Bob Stan
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