EUR/USD: euro resists correction

EUR/USD: euro resists correction

Recommendation

BUY 1.1175

SL 1.112

TP1 1.1235 TP2 1.1285

On the daily chart, EUR/USD is undergoing short-term consolidation in the 1.1110-1.1180 area. Bears try to return inside the previous rising channel. If they fail, risks of the uptrend’s resumption will increase.

eur1.png

On H1, EUR/USD formed “Wolfe waves” pattern. The break of resistance at 1.1175 will trigger 1-2-3 and “Crab” patterns. The 161.8% target of the latter is at 1.1275. Together with the historic resistance, it allows distinguishing convergence area of 1.1275-1.1285.

eur2.png

eur

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