03.10.201918:17 Forex Analysis & Reviews: October 3, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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On September 13, the EUR/USD pair was testing the backside of both broken trends around 1.1060-1.1080 where significant bearish pressure was demonstrated.

Shortly-After, Few DESCENDING-Tops were established around 1.1075 and 1.1060.

This rendered the recent bullish spike as a bullish trap.

Since then, the EURUSD has been trending-down within the depicted short-term bearish channel.

Bearish persistence below 1.0965 (recent daily bottom) enhanced more bearish decline towards 1.0943 and 1.0920 (Fibonacci Expansion 78.6% and 100% Levels) where recent signs of bullish recovery was recently demonstrated (Inverted Head & Shoulders Pattern).

Thus, a bullish breakout above 1.0960 confirmed the mentioned Pattern which opened the way for further bullish advancement towards 1.1000 where another episode of bearish rejection should be expected.

Moreover, the EUR/USD is demonstrating a long-term Head & Shoulders continuation pattern extending between (1.0930 - 1.1080) with neckline located around 1.0940.

If bearish persistence below 1.0940 (Neckline) is re-established, the long-term Pattern projection target would remain projected towards 1.0840.

Trade recommendations :

Risky traders were advised to consider the recent bullish breakout above 1.0960 as a valid BUY signal. It's already running in profits.

Another Intraday BUY entry can be considered upon any bearish pullback towards 1.0920-1.0940 (Backside of the broken bearish channel). S/L should be placed below 1.0870.

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