EUR/USD: buy target - 1.1200
By: Dmitriy Chernovolov
- EUR/USD reversed from strong support zone
- Next buy target - 1.1200
EUR/USD continues to rise after the recent sharp upward reversal from the strong support zone lying between the support level 1.8000, the lower daily Bollinger Band and the 61.8% Fibonacci retracement of the previous primary ABC correction ② from March. The upward reversal from this support zone created the strong daily Japanese candlesticks reversal pattern Morning Star (similar to the one which formed in May).
EUR/USD is likely to rise further toward the next buy target at the resistance level 1.1200. Strong support remains at the support level 1.8000.