Wave Analysis:
EUR/USD is currently retracing towards 1.1080. Unless the pair breaks above 1.1103, we may expect a rebound from 1.108 for us to go short with our target at 1.100 and 1.082. A break above 1.1103 will call for further long positions with an ideal target at 1.1331. This pair should be traded alongside other positively correlated pairs such as EUR/HKD, EUR/SGD and GBP/USD. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Unless there is a clear breakout above 1.1103, expect a rebound from 1.108 for you to execute short orders with your target at 1.100 and 1.082. A breakout above 1.1103 will call for further long positions with an ideal target at 1.1331.
Origin: FreshForex
