EUR/USD: еuro tested the borders of consolidation range

EUR/USD: еuro tested the borders of consolidation range

2021-10-27 • Updated

Recommendation: SELL 1,117 SL 1,1225 TP1 1,11 TP2 1,1025.  

On the EUR/USD daily chart, neither bulls nor bears managed to force the quotes out of the consolidation range 1.117-1.129. The retest of its upper or lower borders might be successful. If the resistance at 1.119 is broken, there will be a continuation of the rally towards 1.1345. In contrast, a successful test of the support at 1.117 will likely result in a drop towards 1.111 and below.

On the EUR/USD hourly chart, the Expanding wedge pattern was formed. The growth of quotes towards 38.2%, 50% and 61.8% levels of the wave 4-5, followed by their return to 23.8%, 38.2%, and 50% levels can be used for opening positions for sale. 

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