EUR/USD can rebound after a pullback
On the daily chart, EUR/USD managed to rise above resistance at 1.1750 and lead the pair out of the medium-term consolidation range (1.15-1.1750).
EUR/USD: bulls are clutching at a straw
Recommendations:
SELL 1.2205
SL 1.226
TP1 1.2095 TP2 1.1965
On the daily chart EUR/USD, bulls are trying to return the pair within the upward channel. If they succeed, the pair will be able to continue rising as well as 161.8% and 224% targets of AB=CD patterns will be implemented. Vice versa, when fail, bears will be able to count on the activation of the “Broadening wedge” and “Double top” patterns. In this scenario, the possibility of the continuing correction in the direction of 1.2095 and 1.1965 is high.
On H1 of EUR/USD, bears are going to break supports at 1.2235 and 1.2205.
Ivan Karamazov
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