Intraday technical levels and trading recommendations for EUR/USD for October 16, 2018
October 16, 2018 2:21 pm
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On September 10, the price level of 1.1500 offered temporary bullish recovery. A quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, evident bearish momentum was being demonstrated on the daily chart. On October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.
As for the bearish side of the market to remain dominant, the EUR/USD pair should keep trading below the price level of 1.1520.
However, last week, evident signs of bullish recovery were demonstrated around 1.1430 (Note the full-bullish candlestick of Thursday). This brings the EUR/USD pair again above 1.1520.
Hence, the EUR/USD pair resumes its sideway consolidations inside the depicted consolidation range (1.1520-1.1750) until a bearish breakout occurs later.
The nearest supply level to be visited is located around 1.1670 (a potential bullish target).
The material has been provided by InstaForex Company – www.instaforex.com
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On September 10, the price level of 1.1500 offered temporary bullish recovery. A quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, evident bearish momentum was being demonstrated on the daily chart. On October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.
As for the bearish side of the market to remain dominant, the EUR/USD pair should keep trading below the price level of 1.1520.
However, last week, evident signs of bullish recovery were demonstrated around 1.1430 (Note the full-bullish candlestick of Thursday). This brings the EUR/USD pair again above 1.1520.
Hence, the EUR/USD pair resumes its sideway consolidations inside the depicted consolidation range (1.1520-1.1750) until a bearish breakout occurs later.
The nearest supply level to be visited is located around 1.1670 (a potential bullish target).
The material has been provided by InstaForex Company – www.instaforex.com
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