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EUR/USD Potential Upward Movement

EUR/USD Long-Term Trend: Bullish

Key Resistance Levels: 1.16265, 1.16635, 1.16700.

Key Support Levels: 1.15646, 1.14953, 1.14900.

Daily Chart:

The price on the higher time frame found support around the 1.15646 USD mark where a bullish engulfing pattern has been posted. A reversal occurred and the price moved higher. We expect further upside movement all the way up toward the 1.16265 USD level.

EUR/USD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the pair posted a double bottom formation which led to a move higher and broke the resistance trend line. The market is traded inside a wedge formation where a lower correction could be seen to the 1.15646 USD mark before the new bullish impulsive wave.

Signal Idea:

Buy Limit Order @ 1.15659

TP 1 @ 1.16256

TP 2 @ 1.16635

Stop Loss @ 1.15400

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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