EUR/USD: gap formation was favorable for bulls

EUR/USD: gap formation was favorable for bulls

On the EUR/USD daily chart, there is an uptrend developing towards 161.8% и 88.6% targets in the AB=CD and Bat patterns. There was a gap on the technical chart. The bulls managed to test the resistance at 1.0822. Until quotes are still above this level, the control over the pair will in bulls' hands.

On the EUR/USD hourly chart, to launch the counterattack the bears need to get the signals from the Three movements pattern. For this to happen, the bulls should fail the test of the resistance at 1.087, then, prices should slide below the support at 1.0825.

Recommendation: hold longs (BUY 1,0775 SL 1,072 TP1 1,086 TP2 1,104), until quotes are above 1.082.

 

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