EUR/USD: will the euro fall?

EUR/USD: will the euro fall?

Recommendation:

BUY 1.1845 SL 1.179

TP1 1.1945 TP2 1.2

 

SELL 1.1735

SL 1.179

TP 1.1625 TP2 1.155

 

On the daily chart, EUR/USD keeps forming “Spike and ledge” pattern on the basis of 1-2-3. The break of resistance at 1.1845 will increase the odds of the uptrend’s resumption. On the other hand, successful test of support at 1.1655 will open the way for a correction towards the lower border of the uptrend channel.

EUR/USD is consolidating in range

On H1 EUR/USD keeps consolidating within the “Widening wedge”. Return of the pair towards 38.2% and 23.6% of the wave 4-5 creates a condition for correction. 

EUR/USD is getting ready for a breakthrough

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