EUR/USD: bulls are retreating

EUR/USD: bulls are retreating

2019-11-11 • Updated

Recommendation:

SELL 1.2315 SL 1.237 TP1 1.2215 TP2 1.2095 TP3 1.205

SELL 1.2215 SL 1.227 TP1 1.2115 TP2 1.2095 TP3 1.205

On the daily chart of EUR/USD, bears made the first attempt to pull the pair below support at 1.2245. As a result, it formed the junior pattern “Widening wedge”. To continue the decline the pair has to fall below April minimum.

EUR1.png  

On H1, there’s a “Widening wedge”. Pullbacks to 23.8%, 38.2% and 50% as usually are used for selling with targets at 78.6% of the Gartley pattern. At the same time, advance above 1.2417 will increase the odds of uptrend’s resumption.

EUR2.png

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