Intraday technical levels and trading suggestions for EUR/USD for January 11, 2019 888011000 110888 On the weekly chart, the EUR/USD set is demonstrating a long-lasting Head and Shoulders turnaround pattern where the ideal shoulder is currently in progress.On the Daily chart, the pair has been moving sideways with slight bearish propensity. Narrow sideway consolidations have been kept within the depicted day-to-day movement channel because June 2018.On November 13, the EUR/USD pair showed recent bullish recovery around 1.1220-1.1250 where the lower limitation of the channel along with the portrayed demand zone came to satisfy the pair.Bullish fixation above 1.1420 was required to enhance a more bullish motion towards 1.1520. The market has actually shown considerable bearish rejection around 1.1420 few times so far.That’s why, the EUR/USD set has been trapped below the price level of 1.1420 waiting for a bullish breakout because November 5. Today, a recent effort of a bullish breakout above 1.1520(upper limit of the portrayed motion channel) is being executed.Bullish persistence above 1.1520 allows a more bullish advance towards 1.1600 (October’s High)and most likely 1.1720 if enough bullish momentumis maintained.On the other hand, any decrease below the key-levels of 1.1520 & 1.1420 brings more sideway consolidations down to 1.1260 again.The product has actually been supplied by InstaForex

Leave a Reply

Your email address will not be published. Required fields are marked *