Stay 
Trading Conditions
Products
Tools
On October 2, a bullish breakout above 1.0940 confirmed the depicted Inverted Head & Shoulders reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020)
This bullish movement has been maintained above the depicted bullish trend.
On October 7, temporary sideway consolidation range was demonstrated around the price zone of (1.1000 -1.1020) before further bullish movement was resumed towards 1.1175 where significant bearish rejection was originated.
The price zone around (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Moreover, the short-term technical outlook has turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).
On the other hand, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 which offered bearish rejection upon last week's retesting.
Quick bearish decline was expected towards 1.1025 and 1.0995 provided that the bearish breakout below 1.1090-1.1070 is maintained on a daily basis.
Recently, temporary bullish rejection is being applied around 1.1015 where a short-term double bottom pattern may be demonstrated with a bullish target projected towards 1.1085.
On the other hand, Any bullish pullback towards 1.1065-1.1085 should be watched for early bearish rejection and another valid SELL entry.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
