Currency analyst

EUR/USD: will the Indians stop the bulls?

On the daily chart EUR/USD, as expected, managed to reach convergence area of 1.1343-1.1358 (61.8% Fibonacci of the last bullish wave + upper border of the bullish trend channel). Then the pair consolidated. Buyers keep gathering strength for a new attack. If it succeeds, the euro may rise to 1.1420 and 1.1462.

On H1 EUR/USD formed "Three Indians" pattern at 161.8% of the BC wave of AB=CD  pattern. This increased risks of correction. The nearest support levels are near 1.1307 and 1.1259. On the contrary, increase to August high will make the pair rise to 1.1421 (200% of AB=CD) and higher.



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