15.02.2021 03:41 PM
EUR/USD Continuation Pattern

This image is no longer relevant

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
© 2007-2023
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback