EUR/USD: a possible rise for the euro

EUR/USD: a possible rise for the euro

2019-11-11 • Updated

Recommendation:

BUY 1.1455

SL 1.14

TP1 1.1555 TP2 1.1645 TP2 1.168

On a daily chart of EUR/USD, the pair managed to break the support at 1.1430, which activated “Shark” and AB=CD patterns. The price is close to the convergence between 1.1180 (the 61.8% level on the long-term uptrend) and 1.1215 (the 200% target of the AB=CD pattern). This situation makes it possible for the pair to break the support at 1.13.  

eurusd_d.png

On H1, the price has almost reached the 88.6% target of the “Shark” pattern. This situation intensifies risks of the reversal. If the pair crosses the resistances at 1.1455 and 1.15, it will activate the “Wolfe Waves” pattern.

eurusd_60.png

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