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EUR/USD Potential Upward Movement

EUR/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.1918, 1.1984, 1.2000

Key Support Levels: 1.1848, 1.1835, 1.1800

Daily Chart:

The price on the higher time frame posted a bullish engulfing pattern where the second candlestick of this formation has a long wick to the downside showing that the buyers took over the market. In addition a double bottom is formed showing that  a reversal is about to happen.

EUR/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the bearish channel to the upside where we can notice a formation of an inverse head and shoulders. A lower correction count could be seen to the highlighted zone before a rally to the target profit.

Signal Idea:

Buy Limit Order @ 1.1882

TP 1 @ 1.1917

TP 2 @ 1.1984

Stop Loss @ 1.1868

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.

4 comments

  1. Juben Valencia

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