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EURUSD Technical Analysis For 17th November 2015

EURUSD Technical Analysis For 17th November 2015 | 17 November 2015

17 November 2015, EUR/USD

EURUSD Technical Analysis For 17th November 2015
Technical View:
EUR/USD is currently trading with a bearish Bias. The pair bounced off from the upper resistive red trendline and is currently trading short as previously forecasted. We expect the level 1.08297 to have been the end of wave (4), and thus marking the beginning of wave (5). We choose to remain short in this pair as long as it trades below this the upper red trend line.Ideally, wave (5) should target 1.05179, or even below to 1.04573. Traders trading this pair should also look for similar price movements in EUR/HKD, AUD/CAD, and EUR/ZAR. These pairs have a very strong positive correlation to Euro and are thus expected to move in a similar direction. Thus only buy or sell Euro if all the other positively correlated pairs are giving the same signal.

Trade Recommedations:

Remain Short in this pair but with targets at 1.05179 and 1.04573

Bob Stan
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