EUR/USD bouncing off major support, remain bullish
May 12, 2017 3:38 pm
EUR/USD has bounced off our buying area. The plan for today is to remain bullish above 1.0853 support (Fibonacci retracement, horizontal support) for a push up to 1.0948 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 2% from where we expect a bounce.
Correlation analysis: EUR/USD and USD/CHF are negatively correlated which means that they usually move in opposite directions. We’re expecting a drop in USD/CHF which goes in line with the rise we expect on EUR/USD.
Buy above 1.0853. Set stop loss at 1.0787 and take profit at 1.0948.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/USD has bounced off our buying area. The plan for today is to remain bullish above 1.0853 support (Fibonacci retracement, horizontal support) for a push up to 1.0948 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 2% from where we expect a bounce.
Correlation analysis: EUR/USD and USD/CHF are negatively correlated which means that they usually move in opposite directions. We’re expecting a drop in USD/CHF which goes in line with the rise we expect on EUR/USD.
Buy above 1.0853. Set stop loss at 1.0787 and take profit at 1.0948.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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