EURUSD Technical Analysis For 19th November 2015

EURUSD Technical Analysis For 19th November 2015
Wave analysis:
EUR/USD is currently trading with a bullish bias. We are still waiting for further downward movements probably up to the support trend line at 1.04801. Ideally, wave (5) should close along the lower support trend line. Traders trading this pair should observe other pairs such as AUD/CAD, AUD/HKD, AUD/USD and EUR/HKD for similar price movements. These pairs have as strong positive correlation of up to +0.96, and are thus expected to move in a similar direction. Only buy or sell Euro if all the other currency pairs are giving the same signal.

Trade Recommendation:

Wait for the current corrective upward move to die along the resistive trend line, the go short but with targets at 1.04801 and along the support trend line. Any movements above the immediate upper resistive trend line would mean wave (5) ended at 1.06337, thus long positions will be ideal for trading.

Check the website for more information: https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/issue_70407.html

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