Technical outlook and chart setups:
The EUR/USD pair has been trading in a 125 pip range within a cone consolidation pattern. The pair seems to have just bounced off its support line from around 1.0870 levels, and is looking to push higher through the line of resistance at 1.0970/80 levels from here. Please also note that the pair is in its 5th wave bounce, and hence probability remains, for a break above the 1.0980 levels. It is hence recommended to remain long for now, and also look to add further positions with risk at 1.0840 levels. Immediate support is seen at 1.0860 levels, while resistance is seen at 1.0984 levels respectively. Only a drop below 1.0860/40 and subsequently 1.0800 levels would delay matters further.
Trading recommendations:
Remain long for now, stop at 1.0840, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for January 21, 2016 . Thanks for your support.
No comments:
Post a Comment