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EUR/USD Potential Upward Movement

EUR/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.2229, 1.2308, 1.2350

Key Support Levels: 1.2177, 1.2131, 1.2100

Daily Chart:

The price on the higher time frame is trading inside a bullish channel formation where it posted higher highs and lows. Recently, the pair left a correction count near the trend line support. It failed to break the daily support to the downside which could lead to a move upward in the same direction of the main trend.

EUR/USD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the pair formed an inverse head and shoulders near the 1.2177 USD mark which could lead to a reversal and a move to the upside all the way toward the target profit mentioned below.

Signal Idea:

Buy Limit Order @ 1.2186

TP 1 @ 1.2228

TP 2 @ 1.2308

Stop Loss @ 1.2172

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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