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EUR/USD Potential Upward Movement

EUR/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.1987, 1.2023, 1.2050

Key Support Levels: 1.1921, 1.1860, 1.1800          

Daily Chart:

The price on the higher time frame failed to break a strong support around the 1.1860 USD mark, and posted a bullish engulfing pattern around this level. This could lead to a reversal from a downward movement to an upward one.

EUR/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame the price posted an inverse head and shoulders showing that the pair most probably will reverse. A lower correction count has been posted to the neckline of this pattern where we expect after it, an impulsive move to the upside toward the target profit.

Signal Idea:

Buy Market Order @ 1.1934

TP 1 @ 1.1984

TP 2 @ 1.2023

Stop Loss @ 1.1909

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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