EUR/USD: bears are out of their lair

EUR/USD: bears are out of their lair

2019-11-11 • Updated

Recommendation:

SELL 1.2295

SL 1.2350

TP1 1.2185 TP2 1.2090 TP3 1.1965

On the daily chart of EUR/USD, there’s a “Widening wedge” pattern. The inability of bulls to return the pair inside the uptrend channel pointed at their weakness and increase the risks of correction towards convergence area of 1.2055-1.2090 and 1.1935-1.1965.

EUR1.png  

On H1, EUR/USD keeps forming a “Widening wedge”. Pullbacks towards 61.8% and 50% of the wave 4-5 allowed to form short positions. To develop correction in that direction, at least to 88.6% target of the “Shark” pattern, the pair needs to break below support at 1.2295.

EUR2.png

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