See also
Technical outlook:
EURUSD finds interim support around 1.1841 today until now and possibilities remain that the corrective drop might be complete. The borders which are being worked upon is between 1.1751 and 1.1908 respectively. The fibonacci 0.618 retracement of the upper border is seen to be passing through 1.1810 (not shown) levels. It was expected for EUR/USD to drop until 1.1810 before pulling back.
EURUSD is seen to be trading around 1.1856 levels at this point in writing as it remained shy by around 20-30 pips from the strong support zone. Immediate support is seen at 1.1750, while interim resistance comes in around 1.1975 levels respectively. The larger borders which the price might visit are between 1.2266 and 1.1750 levels respectively.
EURO bulls are looking poised to push through 1.2075 levels in the next few weeks before bears are back in control. Also note that 1.2075 is fibonacci 0.618 retracement of the entire drop between 1.2266 and 1.1750 levels respectively. High probability remains for a bearish turn if prices are able to push through.
Trading plan:
Remain long with stop @ 1.1750, target is @ 1.2050/70
Then turn short with stop @ 1.2266, target @ 1.1300
Good luck!
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
In my morning forecast, I highlighted the 1.1749 level and planned to base market entry decisions around it. Let's look at the 5-minute chart and break down what happened
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