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Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.
The price zone of (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.
Shortly After, two consecutive bearish movements were executed towards 1.1000-1.0995 where another two episodes of bullish rejection were demonstrated.
That's why, the price zone of 1.1065-1.1085 where a cluster of supply levels were located (61.8% Fibo - 50% Fibo levels) prevented further bullish advancement.
Thus, the EUR/USD Pair has been trapped between the price levels of 1.1000 and 1.1085 (where a cluster of supply levels is located) until Wednesday when a bullish spike was demonstrated above 1.1085 (towards 1.1110).
Initial bearish rejection was anticipated around 1.1110 to bring bearish decline towards 1.1065.
Moreover, atypical Head & Shoulders reversal pattern is being demonstrated with neckline located around 1.1065.
Hence, a valid SELL entry was initially offered upon bearish breakout below 1.1065. Initial bearish target would be located around 1.1010.
Trade recommendations :
The current bullish pullback towards the recent Supply Zone of (1.1065-1.1085) should be considered for a valid SELL entry.
Initial T/P levels to be projected towards 1.1045 and 1.1000, while S/L should be placed above 1.1115.
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