analytics6022c1286884b.jpg

Few weeks ago, another episode of upside movement was expressed above the depicted uptrend line (in blue) towards 1.2250 then 1.2350 where a false breakout above the price level of 1.2200 was regarded as a bearish downside reversal signal.

Shortly after, a short-term reversal pattern has been demonstrated around these price levels. Intraday downside retracement to the downside was expected to occur.

However, the EUR/USD pair has failed to pursue towards lower price levels. Instead, the pair has spiked above the depicted Weekly HIGH around 1.2270 before the current downside rejection was initiated around 1.2350.

Bearish closure below the mentioned price zone of 1.2250 – 1.2200 enabled a quick bearish decline towards 1.2170 which corresponded to a previous congestion zone as well as a prominent key-zone.

Persistence below the price level of 1.2170 has turned the intermediate outlook for the pair into bearish and enhanced further downside decline was demonstrated towards 1.2080, 1.1990 and 1.1950.

However, Recent Buying Pressure existed around 1.1950, leading to the current quick upside spike above 1.1990 again.

This indicates lack of sufficient downside pressure for the pair. Hence, the current upside movement may extend towards 1.2130 before considering to SELL the EURUSD pair again.

Trade Recommendations:

Conservative traders should be waiting for the current upside movement to pursue towards the depicted Fibonacci Levels around 1.2130-1.2150 for a valid SELL Entry.

S/L should be placed above 1.2170while Initial T/P levels to be located around 1.1990 and 1.1950.

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

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.