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Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.
The price zone of (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.
Shortly After, two consecutive bearish movements were executed towards 1.1000-1.0995 where another two episodes of bullish rejection were demonstrated.
That's why, the price zone of 1.1065-1.1085 where a cluster of supply levels were located (61.8% Fibo - 50% Fibo levels) prevented further bullish advancement.
Thus, the EUR/USD Pair has been trapped between the price levels of 1.1000 and 1.1085 (where a cluster of supply levels is located) until Wednesday when a bullish spike was demonstrated above 1.1085 (towards 1.1110).
Initial bearish rejection was anticipated around 1.1110 to bring bearish decline towards 1.1065.
Moreover, a Head & Shoulders reversal pattern is being demonstrated with neckline located around 1.1065.
Hence, a valid SELL entry can be offered upon bearish breakout below 1.1065. Initial bearish target would be located around 1.1010.
Please also note that any bullish breakout above 1.1100 will probably bring further bullish advancement towards 1.1140 and 1.1175.
Díky analytickým přehledům společnosti InstaForex získáte plné povědomi o tržních trendech! Jako zákazníkovi společnosti InstaForex je Vám k dispozici velký počet bezplatných služeb umožňujících efektivní obchodování.
