Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous trading day, Euro crossed below the pivot level 1.100 but ended up closing above it. As long as the pair trades above this pivot level, expect euro to trade in the higher ranges. A clear breakout above 1.110 will call for further long positions with an ideal target at 1.133. This view can only be changed if the price ends up closing below 1.098, if the latter should be the case, then we will execute sell orders with a target at 1.082. This pair should be traded alongside EUR/AUD, this pairs have a strong positive correlation of up to +0.96 with Euro and is thus expected to have a similar price action with it. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
As long as the pair trades above 1.100, expect the pair to trade on the higher ranges with an ideal target at 1.080, a breakout above 1.110 will call for further long positions with ultimate target at 1.1331. Only sell below 1.100 with your target at 1.078
Origin: FreshForex
