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13.10.201607:39 Forex Analysis & Reviews: EURUSD Technical Analysis for October 13, 2016.

Long-term review

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Technical outlook and chart setups:

The EUR/USD pair has completed a complex corrective wave structure by printing intraday lows at 1.1001 levels overnight. The pair has pulled back since then and is now trading at 1.1017 level, looking to continue rallying further. Please note that the daily chart patterns and oscillators are showing extreme bullish divergence and prices are expected to rally in the next 24 hours. Looking at the wave structure, the pair has completed waves A-B-C corrective structure, each consisting of 3 waves or it is into its 3^rd wave extension and is expected to pull back. The pair is expected to face resistance around 1.1107/40 levels. It is hence recommended to remain long, with risk at 1.0960 levels. Immediate resistance is seen at 1.1107 levels, while support is seen at 1.0950 levels respectively.

Trading recommendations:

Remain long, stop at 1.0960, a target is open.

Good luck!

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