Intraday technical levels and trading recommendations on EUR/USD for September 10, 2014
September 10, 2014 4:00 pm
The price zone of 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum thus, initiating the current downtrend within the depicted bearish channel.
Several congestion zones were established around price levels of 1.3515 and 1.3335 before further bearish decline could take place.
Yesterday, the EUR/USD pair showed bullish recovery around price level of 1.2860. The resulting daily candlestick was a bullish hammer.
Further price action should be considered around the current levels knowing that the pair is currently testing the lower limit of the depicted channel.
The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3310-1.3400.
Recent bullish recovery is witnessed on the chart. A possible bullish Head and Shoulders pattern is being established with projection target located at 1.3075.
Four-Hour fixation above 1.2985-1.3000 ( neckline of the reversal pattern ) is essential to acquire enough momentum to initiate a bullish corrective move towards 1.3100 and 1.3150.
The nearest bullish destination is located at 1.3180 where the upper limit of the ongoing bearish channel and 38.2% Fibonacci Level are located. A good SELL-entry can be taken there.
On the other hand, bearish slide below 1.2855 invalidates the current reversal pattern in the short-term.
The material has been provided by InstaForex Company – www.instaforex.com
The price zone of 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum thus, initiating the current downtrend within the depicted bearish channel.
Several congestion zones were established around price levels of 1.3515 and 1.3335 before further bearish decline could take place.
Yesterday, the EUR/USD pair showed bullish recovery around price level of 1.2860. The resulting daily candlestick was a bullish hammer.
Further price action should be considered around the current levels knowing that the pair is currently testing the lower limit of the depicted channel.
The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3310-1.3400.
Recent bullish recovery is witnessed on the chart. A possible bullish Head and Shoulders pattern is being established with projection target located at 1.3075.
Four-Hour fixation above 1.2985-1.3000 ( neckline of the reversal pattern ) is essential to acquire enough momentum to initiate a bullish corrective move towards 1.3100 and 1.3150.
The nearest bullish destination is located at 1.3180 where the upper limit of the ongoing bearish channel and 38.2% Fibonacci Level are located. A good SELL-entry can be taken there.
On the other hand, bearish slide below 1.2855 invalidates the current reversal pattern in the short-term.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: