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15.02.2021 03:41 PM
EUR/USD Continuation Pattern

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EUR/USD trades at 1.2132 level after bounced back from around 1.2080 level. Technically, the pair could continue to increase after escaping from the minor down channel's body. Last week I've said that the downside bias remains intact as long as EUR/USD stays under the red downtrend line.

Escaping from the down channel signals that the corrective phase, the downside movement could be over. Jumping above 1.2150 signals a further growth far above 1.22 psychological level in the short term.

Trading Conclusion!

Buy EUR/USD if the rate reaches 1.2160 level setting your target somewhere at 1.2340 or higher at 1.2400 psychological level.

Sell EUR/USD if it drops again under 1.2078 without passing above 1.2150 level. On the downside, 1.2 and 1,19 could be used as targets.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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