EURUSD rose through the 1.0915-20 area intraday on Tuesday after recovering from the 1.0830 lows earlier. The single currency pair is seen to be trading close to 1.0910 at this point in writing as the bears prepare to come back in control soon. The pair is facing immediate price resistance at 1.1035. As long as it holds well, traders are looking for lower prices.
EURUSD is producing an UP Gartley at a larger degree and is expected to drop below 1.0500 at least to complete the pattern. Also, note that a potential remains for a drop towards 1.0100 which is the Fibonacci 0.618 retracement of the previous rally between 0.9535 and 1.1035 levels respectively. A high probability remains for a bullish turn from the 1.0100-1.0250 zone going forward.
EURUSD might face intraday resistance around 1.0915-20 as it is the Fibonacci 0.618 retracement of the recent drop between 10975 and 1.0830. A turn lower will extend through 1.0800 and 1.0750 in the near term. Only a push above 1.1035 will nullify the immediate bearish outlook and delay matters further.
Trading idea:
A potential drop against 1.1035
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
EURUSD rose through the 1.0915-20 area intraday on Tuesday after recovering from the 1.0830 lows earlier. The single currency pair is seen to be trading close to 1.0910 at this point in writing as the bears prepare to come back in control soon. The pair is facing immediate price resistance at 1.1035. As long as it holds well, traders are looking for lower prices.
EURUSD is producing an UP Gartley at a larger degree and is expected to drop below 1.0500 at least to complete the pattern. Also, note that a potential remains for a drop towards 1.0100 which is the Fibonacci 0.618 retracement of the previous rally between 0.9535 and 1.1035 levels respectively. A high probability remains for a bullish turn from the 1.0100-1.0250 zone going forward.
EURUSD might face intraday resistance around 1.0915-20 as it is the Fibonacci 0.618 retracement of the recent drop between 10975 and 1.0830. A turn lower will extend through 1.0800 and 1.0750 in the near term. Only a push above 1.1035 will nullify the immediate bearish outlook and delay matters further.
Trading idea:
A potential drop against 1.1035
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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