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Eurusdidea

EurUsd- Triangle's break to give us directionSince the 0.95 low two weeks ago, Euro bears seem to have lost power, and, after an initial reversal of 500 pips signaled by a Morning Start candle formation, bears couldn't take control again for a new low and the pair stopped its descent at 0.96 zone. Yesterday we have a strong green day and a close above 0.98 and, at this point 0.96 can be a confirmed higher low. Since mid-September EurUsd is drawing a symmetric triangle on our chart and the break could give us direction for the next few weeks into the end of the year. A break above 0.99 could lead to a long waited real correction for the pair with a target in 1.03-1.04 zone resistance and, on the other hand, a break back under 0.97 could lead to a new low.
by Mihai_Iacob
7
EurUsd- Will we have a real reversal?Yesterday was an interesting day for EurUsd traders, a day that could give us clues for future price evolution... After an initial spike and false break of support on CPI data release, EurUsd reversed strongly and close the day above 0.97 support and in the high of the range zone. At this moment there is a high probability of a higher low in place in this support and continuation to the upside. Dips should be bought near this support and, with a stop loss under yesterday's low, we can have a 1:3 risk: reward if we target parity. Going further, an ABC-type correction can be in cards for EurUsd and, in such a case, I wouldn't be surprised to see 1.03 for the single currency by year's end. I'm strongly bullish EurUsd as long as 0.96 is intact
Long
by Mihai_Iacob
13
EurUsd could drop to 0.95 againTwo days ago I said that the 0.97 zone is offering support for EurUsd and a reversal could follow from this zone. Although initially, bulls took control and the pair rose towards 0.98, this rise was very short-lived and EurUsd dropped like a stone back to the 0.97 zone. This for me is a clear indication that bears are not done yet and a new wave of selling is most probable. Technically, we are in support now and a break here would expose 0.95. Only a daily close above 0.98 would negate this bearish scenario.
Short
by Mihai_Iacob
6