Since September 13, the EUR/USD has been trending-down within the depicted short-term bearish channel until signs of trend reversal were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).
Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the recent bullish trend.
Temporary bearish rejection and a sideway consolidation Range were demonstrated after hitting the price zone of (1.1000 -1.1020) on October 7.
That’s why, initial Intraday bearish pullback was demonstrated towards 1.0940-10915 where another bullish swing was initiated.
The intermediate-term outlook remains bullish as long as the EUR/USD pair pursues its current movement above 1.0980 (Last Prominent Bottom).
Moreover, the current bullish breakout above 1.1120 (100% Fibonacci Expansion) should be maintained on a daily basis to ensure further bullish advancement towards 1.1175 and 1.1195.
Otherwise, any bearish closure below 1.1120 brings sideway consolidations even a bearish pullback towards 1.1065.
Trade recommendations :
Recent Intraday BUY entry was suggested around the price levels of 1.1000 (the depicted short-term bullish uptrend). All T/P levels were successfully reached.
Another valid BUY entry can be offered upon any bearish pullback towards 1.1065 where the depicted recent uptrend comes to meet the pair.
T/P levels to be located at 1.1120 then 1.1175. S/L should be placed below 1.1020.
The material has been provided by InstaForex Company – www.instaforex.com
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