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On September 5, the EUR/USD pair was testing the backside of both broken trends around 1.1060-1.1080 where significant bearish pressure was demonstrated pushing the pair directly towards 1.0940 (Prominent Weekly Bottom).
Bearish Breakout below the price level of 1.0940 was needed to enhance further bearish decline towards 1.0900 and 1.0840 (Fibonacci Expansion Key-Levels).
However, considerable bullish rejection was demonstrated as a quick bullish spike towards 1.1100 where another episode of bearish pressure was expressed.
By the end of last week's consolidations, TWO DESCENDING-Tops were established around 1.1080 and 1.1050.
This renders the recent bullish spike as a bullish trap. Since then, the EURUSD has been trending-down within the depicted short-term bearish channel.
Shortly After, a recent bullish pullback towards the price level of 1.1020 was obviously rejected by the end of Tuesday's consolidations.
Currently, the EUR/USD is demonstrating a long-term Head & Shoulders continuation pattern extending between (1.0930 - 1.1080) with neckline located around 1.0940.
Bearish persistence below 1.0940 confirms this continuation pattern.
Pattern projection target would be located around 1.0840.
In the short-term, Bearish persistence below the price level of 1.0965 (recent daily bottom) is mandatory to enhance more bearish decline towards 1.0930 and 1.0890 (Fibonacci Expansion 161.8%).
Trade recommendations :
Intraday traders who were advised to have a valid SELL entry around 1.1030 can gather their profits around the current price levels.
Conservative traders should look for a valid SELL entry anywhere around the price zone of 1.0960-1.0980 (upper limit of the depicted movement channel).
Initial Target levels should be located at 1.0900, 1.0850 and 1.0840.
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