EUR/USD: bears hit the breaks

EUR/USD: bears hit the breaks

Recommendation:

BUY 1.1840 SL 1.1785 TP1 1.1940 TP2 1.2055 TP3 1.2175

SELL 1.1775 SL 1.1830 TP1 1.1690 TP2 1.16650 TP3 1.1550

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern. On the other hand, successful test of the lower border of an inside bar will allow bears to continue moving south.

EUR1.png 

On H1, EUR/USD bulls managed to bring the pair out of the descending trend channel but to counterattack, they need to push the price above the resistance at 1.1840.

EUR2.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.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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