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| EURUSD weekly |
EURUSD is moving in the downtrend channel. It hit the major support at 1.2870, which seems to be serious retracement level. Now we can expect it tp bounce up.
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| EURUSD daily |
When we look at the daily chart we can see that the EURUSD is in the downtrend, now consolidating in the 1.2870 - 1.3085 zone. After hitting the major support at 1.2870 it has formed the long lower shadow candle with small body which suggest some direction change possibility. After crossing the downtrend line and closing above 1.3085 it should move up to 1.3375.
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| EURUSD H4 |
When we zoom in to 4-hours chart we can see more precisely the above description. Long lower shadows which have appeared in few last candles and finally some bullish colored candles have formed. After closing above 1.2955 it is expected to grow up to 1.3025 where we should also meet the downtrend line resistance. Reaching this level should force some bounce back, so it would be good place to take profit and wait for another entry.
Trade recommendation:
Buy after closing above 1.2955 Take profit levels: Target 1: 1.3025 Target 2: 1.3085 |
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