EURUSD – Up
Wave Analysis:
EUR/USD is currently trading with a bearish bias. During the previous day on 22nd April 2016, the pair traded massively short but could not close below our daily support 1.12202. As long as the level 1.12202-1.12166 protects the lower side, look for possible rebound from this zone with a target at 1.1282. A breakout below 1.12166 will accelerate a downward rally towards 1.1176. This pair should be traded alongside NZD/USD, GBP/JPY and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday.
Trade Recommendation
Expect a downward rally towards 1.1176. If you are not short already, wait for a clear breakout below 1.12166 to go short with your target at 1.1176 and 1.1151. Only buy if the price clear breaks out above 1.1239.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
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