Intraday technical levels and trading recommendations for EUR/USD for January 12, 2018 888011000 110888 Regular monthly Outlook In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100(several previous bottoms set in July 2012 and June 2010). A long-term bearish target was forecasted towards 0.9450. In March 2015, EUR/USD bears challenged the monthly need level around 1.0500, which had actually been previously reached in August 1997. In thelonger term, the level of 0.9450 remains a forecasted target if any month-to-month candlestick achieves bearish closure below the portrayed regular monthly demand level of 1.0500. The EUR/USD pair has actually been trapped within the illustrated combination range(1.0500-1.1450 )up until the current bullish breakout was executed above 1.1450. The existing bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where current evidence of bearish rejection was expressed(Note the Regular monthly candlestick of September). Daily Outlook As prepared for, the ongoing bullish momentum permitted the EUR/USD pair to pursue additional bullish advance towards 1.1415-1.1520(Previous Daily Supply-Zone ). The daily supply zone cannot stop briefly the ongoing bullish momentum. Rather, evident bullish breakout was revealed towards the price level of 1.2100 where the portrayed Head and Shoulders reversal pattern was expressed.If the current bearish breakout persists below 1.1700 (Neck line of the reversal pattern), a fast bearish decline should be anticipated to the price zone of 1.1415-1.1520 (Initial targets for the illustrated H&S pattern).Bearish target for the illustrated Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the discussed target level, significant bearish pressure is needed to be used against the discussed zone (1.1415-1.1520). In November, current cost action around the price zone of 1.1520-1.1415 showed apparent bullish recovery.This impeded further bearish decrease which enabled the existing bullish pullback to take place to the cost level of 1.2100 where rate action need to be viewed for a valid OFFER entry.On the other hand, day-to-day perseverance above 1.2100 confirms the illustrated bullish extension pattern with predicted targets towards 1.2500. The material has been offered by InstaForex

By | January 12, 2018

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