EUR/USD has recovered after making a low of 1.0869. It is currently trading around 1.09543
The pair’s major resistance is around 1.09820 and any break above 1.09820 will take the pair to 1.100/1.1060 level.
On the downside minor support is around 1.0920 and break below targets 1.0880/1.0850.
It is good to Sell on rallies around 1.09520-550 with SL around 1.09820 for the TP of 1.0920/1.0860
Comments
EdW
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The oattern is formed at D point not like you write. It is very risky to assume it will complete this pattern without any other indicators. From here it can go anywhere
Ha-ve
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True say ...
mocem
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Completely agree with your analysis. Only concern is, due to low trading volumes, it might give a fake and quick price movement above 1.10 and come back to your target, which may cause activate Stop Losses. So, to be on the safe side, I prefer to put my SL point at 1.1007 level, instead of 1.0982. THANK YOU FOR YOUR DEATAILED ANALYSIS.
SmithZhu
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Agreed. The upward trends of 5 min and 15 min have both been broken. Looking for a TP about 1.0930.