EURUSD is bouncing off the resistance turned support trend line around 1.1190/1.1200. An engulfing bullish pattern seems to be in the making and bulls might be poised to rally toward 1.1280 at least. If EURUSD managed to push through 1.1300, high probability remains for a test above 1.1400 and possibly towards 1.1500. A crucial level seems to be around 1.1167, which if broken can accelerate the drop towards 1.1000 easily. It would be interesting to see if bulls are able to hold above 1.1167, going forward. Going forward, EURUSD is set to face stiff resistance around 1.1340/50 levels. A short term bullish view remains until prices stay above 1.1167 interim support.
Long @ 1.1210, stop @ 1.1160, target @ 1.1280/1.1300.
Risk Disclaimer:
Trading Forex may not be suitable for all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding risks involved. Leverage should be used wisely.
Long @ 1.1210, stop @ 1.1160, target @ 1.1280/1.1300.
Risk Disclaimer:
Trading Forex may not be suitable for all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding risks involved. Leverage should be used wisely.