Analyst expects EUR/USD to break higher

Analyst expects EUR/USD to break higher

2019-11-11 • Updated

Recommendation:

BUY 1.1710

SL 1.1655

TP1 1.1810 TP2 1.1940 TP3 1.1990

On the daily chart, EUR/USD came close to an important resistance at 1.1710 (38.2% of the long-term rising wave). If it manages to get above it, EUR/USD will trigger an AB=CD pattern with a target at 200%. Formation of a “Shark” pattern with the 88.6% target will become more likely.

EURUSD Daily.png 

On H1, there’s a “Spike and ledge” pattern. A break of the upper border of the 1.153-1.1710 consolidation range will trigger a “Head and shoulders” pattern and AB=CD. Its 200% target lies at 1.1940. 

eurusd_60.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

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