EUR/USD: euro got the initiative

EUR/USD: euro got the initiative

2019-11-11 • Updated

Recommendation:

BUY 1.1630 SL 1.1575 TP1 1.1730 TP2 1.1780 TP3 1.1850

BUY 1.1500 SL 1.1445 TP1 1.1600 TP2 1.1730 TP3 1.1780

On the daily chart, EUR/USD bulls are ready to trigger “Shakeout-Fakeout” pattern. To do that, they need to conquer resistance at 1.1630 (the middle of 1.1510-1.1780) channel and lead the pair outside of the downtrend channel.

EURUSD Daily.png  

On H1, the “Shark” pattern is transforming into 5-0. Pullbacks towards 23.6%, 38.2% and 50% are usually used for forming long positions. Return to the uptrend is possible on the break of resistance at 78.6% and 88.6% of the wave CD.

EURUSD H1.png

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