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Until October 13, temporary breakout above 1.1750 was demonstrated within the depicted ascending channel. This indicated high probability of bullish continuation towards 1.1880. However, downside pressure pushed the EUR/USD pair towards 1.1700 where significant BUYING Pressure Existed. This was followed by another quick upside movement towards 1.1880-1.1900.

The price zone around 1.1880-1.1900 constituted a KEY Price-Zone as it corresponded to the backside of the depicted broken ascending channel where significant bearish pressure and a reversal Head & Shoulders pattern were demonstrated.

Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. All target levels were achieved. EXIT LEVEL was reached around 1.1720.

Early signs of bullish reversal were demonstrated around the current price levels of 1.1600.

The EUR/USD pair has demonstrated a significant BUYING Pattern after the recent upside breakout above the depicted price zone (1.1750-1.1780) was achieved.

As mentioned in the previous article, the pair has targeted the price levels around 1.1920 which exerted considerable bearish pressure bringing the pair back towards 1.1800.

Trade Recommendations :-

Currently, the price zone around 1.1800 stands as a significant SUPPORT-Zone to be watched during the current downside pullback for a valid BUY Position. Exit level should be placed below 1.1740.

The material has been provided by InstaForex Company – www.instaforex.com

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