Retest of "Mirror" Support on EUR/USD

Retest of Mirror Support on EUR/USD

The EUR/USD currency pair has been growing after a continuous fall. The trading instrument has updated local highs. The current technical pattern signals a further recovery of quotes. The EUR/USD currency pair has kept a "mirror" support level of 1.09600. At the moment, the euro is consolidating near the round level of 1.10000. We recommend paying attention to this situation.

If the price fixes above the resistance level of 1.10000, further correction of the EUR/USD quotes is expected. The immediate goal for profit taking is the level of 1.10250. The movement is tending to 1.10600-1.10850. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by JustMarkets 2019.10.07

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.


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