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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 were recently demonstrated (Inverted Head & Shoulders Pattern).
Thus, a bullish breakout above 1.0960 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards 1.1000 where another episode of bearish rejection should be expected.
In the Long-Term, the EUR/USD is demonstrating atypical Head & Shoulders continuation pattern extending between (1.0930 - 1.1080) with neckline located around 1.0940.
If bearish persistence below 1.0920 (100% Fibonacci Expansion) is re-established, the long-term Pattern projection target would remain projected towards 1.0840 (Low Probability).
Trade recommendations :
Intraday traders were advised to consider the recent bullish breakout above 1.0960 as a valid BUY signal. Initial bullish target level was already reached around 1.1000.
Another Intraday BUY entry can be considered upon a bearish pullback towards 1.0920-1.0940 (Backside of the broken bearish channel).
S/L should be placed below 1.0870. T/P levels to be located at 1.0960, 1.1000 and 1.1029.
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