Wave Analysis:
EURUSD is currently trading with a bullish bias. During the previous trading day, Euro broke above the upper resistive trend line and is currently making minor pullbacks towards this trend line. We expect the price to rebound from this trend line for us to continue long with an ultimate target at 1.1065. A clear beakout below this trend line would mean we are headed further short with an ideal target at 1.08246. This pair should be traded alongside other positively correlated pairs such as EUR/HKD, AUD/CAD and CHF/JPY. These pairs have a strong positive correlation of up to +0.89 and are thus expected to move in a similar direction.
Trade Recommendations:
Buy upon a clear rebound from the now supportive trendline with your target at 1.1065. A clear break below this trendline will call for short positions with a target at 1.0824
Origin: FreshForex
