Intraday technical levels and trading recommendations for EUR/USD for January 2, 2018 888011000 110888 Monthly Outlook In January 2015, the EUR/USD pair moved listed below the major need levels near 1.2050-1.2100(several previous bottoms embeded in July 2012 and June 2010). Thus, a long-term bearish target was predicted towards 0.9450. In March 2015, EUR/USD bears challenged the monthly need level around 1.0500, which had been previously reached in August 1997. In thelonger term, the level of 0.9450 remains a forecasted target if any regular monthly candlestick attains bearish closure below the illustrated monthly demand level of 1.0500. The EUR/USD set has actually been caught within the portrayed combination range(1.0500-1.1450 )until the present bullish breakout was performed above 1.1450. The current bullish breakout above 1.1450 permitted a fast bullish advance towards 1.2100 where recent proof of bearish rejection was expressed(Keep in mind the Regular monthly candlestick of September). Daily Outlook In January 2017, the previous drop was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has actually been expressed on the chart.As expected, the continuous bullish momentum enabled the EUR/USD set to pursue more bullish advanceto 1.1415-1.1520( Previous Daily Supply-Zone). The daily supply zone cannot pause the continuous bullish momentum. Instead, apparent bullish breakout was revealed to the price level of 1.2100 where the portrayed Head and Shoulders turnaround pattern was expressed.If the current bearish breakout continues below 1.1700 (Neckline of the reversal pattern), a fast bearish decline must be anticipated towards the rate zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).Bearish target for the depicted Head and Shoulders pattern extends to 1.1350. To pursue to the pointed out target level, considerable bearish pressure is required to be used versus the discussed zone (1.1415-1.1520). In November, current price action around the price zone of 1.1520-1.1415 suggested apparent bullish recovery. This prevented even more bearish decline which allowed the present bullish pullback to take place towards the rate level of 1.2000-1.2100 where rate action ought to be expected a possible OFFER entry.The material has been provided by InstaForex Business – www.instaforex.com

By | January 2, 2018

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