Last week, as part of a short-term euro downtrend, the Target Zone 2 1.1130 – 1.1113 was reached. This zone was held by buyers. Then the price went into a correction. As part of the correction, the traders tested the Additional Zone 1.1169 – 1.1165 and formed a false breakout reversal buy pattern. Now this pattern yields profit with the target at Friday’s high.
If the Additional Zone is broken out after updating Friday’s high, the correction will continue with the target in the Intermediary Zone 1.1218 – 1.1209. The IZ serves as the border of a short-term downtrend, so first of all look for new sales in it with a target at the January 28 low.
If, after Friday’s high update, the price returns under the resistance level of 1.1165, then expect a sell signal to form and sell the euro with the target at level 1.1113.
EURUSD trading ideas for today:
- Sell according to the pattern in Additional Zone 1.1169 – 1.1165.
TakeProfit: 1.1113.
StopLoss: according to the pattern rules. - Sell according to the pattern in Intermediary Zone 1.1218 – 1.1209.
TakeProfit: 1.1113.
StopLoss: according to the pattern rules.
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