Long-term review
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Overview:
- According to previous events, the price of EUR/USD pair is going to move between 1.2510 and 1.2415. The level of 1.2415 is going to form the double bottom in H1 chart. Also, it should be noted that the market was not stable and the trend was not also so clear (sideways channel like a triangle) this week. We expect a bullish market today from the area of 1.2515. So, buy above the level of 1.2515 (this level represents resistance) with the first target of 1.2540, it might resume to 1.2576 in order to test the double top. However, the stop loss should be always be into account, therefore it will be very useful to set your stop below the price of 1.2415.
- On the other hand, if the trend cannot break resistance at the price of 1.2515, then the pair will probably start calling for the bearish market at this spot. Hence, the pair will be in a downside rather convincing momentum and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 1.2500, it will a good sign to sell below this area with the first target of 1.2460 and it will call for a downtrend in order to continue a bearish movement towards 1.2420.
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