15.10.201916:23 Forex Analysis & Reviews: October 15, 2019 : EUR/USD technical outlook predicts further bullish advancement.

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Recent Descending-Tops were established around the price levels of 1.1060-1.1075 where the backside of a recently-broken trend was retested.

Shortly-After, the EUR/USD has been trending-down within the depicted short-term bearish channel until recent signs of bullish reversal were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).

Shortly After, a bullish breakout above 1.0960 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) where temporary bearish rejection and a sideway consolidation Range were demonstrated on October 7.

That's why, initial Intraday bearish pullback was expected towards 1.0940-10915 where another bullish swing was initiated.

The intermediate-term outlook remains bullish as long as the EURUSD pair pursues its current movement above 1.0980 (Previous ascending Bottom).

Moreover, the current bullish persistence above 1.1000 (the depicted short-term uptrend line) should be maintained on a daily basis. Otherwise, sideway consolidations even a bearish pullback may be demonstrated 1.0940.

The short-term projection target remains projected towards 1.1065 and 1.1115.

Bullish persistence above 1.1065 is mandatory to enhance further bullish movement towards 1.1115.

Trade recommendations :

Intraday BUY entry can be taken around the current price levels of 1.1000 (the depicted short-term bullish uptrend).

T/P levels to be located at 1.1065 then 1.1115. S/L should be placed below 1.0960.

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