EUR/USD: bulls are clutching at a straw

EUR/USD: bulls are clutching at a straw

2019-11-11 • Updated

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.

eurusd_d.png

On H1 of EUR/USD, bears are going to break supports at 1.2235 and 1.2205.

eurusd_60.png

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