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Triple Bottom on EUR/USD

Triple Bottom on EUR/USD

At the end of June, the EUR/USD currency pair worked well the classic reversal figure of Triple bottom (D1 timeframe). The technical analysis signals further correction of the EUR/USD quotes after a prolonged fall. Demand for the US dollar weakened after the release of mixed labor statistics. At the moment, the trading instrument is testing the local resistance of 1.17750. We recommend you to pay attention to this situation.

If the price fixes above 1.17750, it is necessary to consider buying EUR/USD. The closest target for fixing profit is the resistance level of 1.18500. In the medium term, the EUR/USD currency pair may reach 50.0%-61.8% correction zone (1.19600-1.20500). Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2018.07.09

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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