EUR/USD still has a chance to rise

EUR/USD still has a chance to rise

2019-11-11 • Updated

Recommendation:

BUY 1.1625

SL 1.1570

TP1 1.1725 TP2 1.1825 TP3 1.2035

On the daily chart, EUR/USD was forming a “Shakeout-Fakeout” pattern dueing the 2 consecutive months. Both bears in August and bulls in September failed to lead the pair outside of the 1.15-1.1850 trading range. As a result, the test of support at 1.1625 will be important.

EURUSD d1.png  

On H1, EUR/USD formed a “Shark” pattern. Its 113% target and 38.2% level of the last rising wave form the convergence area. A recovery from it will allow bulls to resume the uptrend.

EURUSD h1.png

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