Last week, the EUR/USD currency pair held the key support level of 1.10500, which caused the correction movement. The technical pattern signals a further recovery of the euro after a continuous fall. On the daily chart, a classic reversal pattern of the Price Action, Pin Bar, has been formed. At the moment, the EUR/USD quotes are testing the resistance level of 1.11600. We recommend paying attention to this situation.
If the price fixes above the 1.11600 mark, it is necessary to buy EUR/USD. The closest target for profit taking is the round level of 1.12000. In the medium term, the trading instrument may reach the level of 1.12500-1.12750. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account