Currency analyst

EUR/USD: long period of consolidation

On the EUR/USD daily chart, there is a consolidation near the important level of 1.1207. Breakout of the support at 1,118 will lead to the fall of quotes in the direction of the lower boundary of the rising trade channel. There is a 50% level of the wave XA. The "bears" will unlikely reach this level, therefore, we could try a rebound strategy. 

On the EUR/USD hourly chart, the "Head and shoulders" and the "Gartley" patterns have been formed. Breakout of the neckline near 1,118 will create prerequisites for the movements of the quotes in the direction of 1,1157. 

Recommendation: BUY 1,116 SL 1,1105 TP1 1,1245 TP2 1,127. 

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