EUR USD - 1.19 area is the next target?
Hello everyone today i'm going to post my opinion about EUR USD.
In the last days , it bounced from a support around 1.13000 area then has been able to break a resistance around 1.14500 area. Now reached previous highs around 1.16200 zone and bounced back. In 4h timeframe i've spotted a rounded bottom , a typical macro reversal pattern. Sometimes called cup and handle when it forms a descending channel and then break it upside, like in the red line printed on the chart. 1.15000 area is an important zone where to look for a long position on this pair , for 3 reasons:
1) hourly timeframe EMA 200
2) fibonacci 0.382 level
3) trendline that start from the low around 1.13000 and previous minor support zone that 2 days ago helped the price to reach new highs.
That's a macro pattern and still is not confirmed , that's just my idea , don't follow it as a financial advice . Let me know in the comments below what you think about it! See you next time folks! Have a nice day.
In the last days , it bounced from a support around 1.13000 area then has been able to break a resistance around 1.14500 area. Now reached previous highs around 1.16200 zone and bounced back. In 4h timeframe i've spotted a rounded bottom , a typical macro reversal pattern. Sometimes called cup and handle when it forms a descending channel and then break it upside, like in the red line printed on the chart. 1.15000 area is an important zone where to look for a long position on this pair , for 3 reasons:
1) hourly timeframe EMA 200
2) fibonacci 0.382 level
3) trendline that start from the low around 1.13000 and previous minor support zone that 2 days ago helped the price to reach new highs.
That's a macro pattern and still is not confirmed , that's just my idea , don't follow it as a financial advice . Let me know in the comments below what you think about it! See you next time folks! Have a nice day.
Note
Hello everyone today i want to update this idea with 2 different scenarios! This is the bullish one :Price reached 1.16300 resistance zone , not able yet to break through so will look for a retracement till an old minor resistance that now may act as support around 1.15800 - 1.16000 , where confluence 0.38 - 0.5 fibonacci retracement. After this retracement go through 1.16300 and reach new highs .
Note
Bearish scenario :Break trendline and break support zone , bounce at previous low around 1.15400 and then break it downside
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