Currency analyst

EUR/USD: bulls met an obstacle

On the daily chart EUR/USD is testing the upper border of the 1.1-1.1175 consolidation range. Successful test of resistance will activete the "Bat" pattern. Its 88.6% target lies at 1.1370. It corresponds to the lower border of the long-term rising channel and 61.8% Fibonacci of the last short-term wave. This allows us to point at convergence area of 1.1345-1.1370.

On H1 EUR/USD the bears failed to test the lower border of the triangle. After that the movement to the upside resumed and reachedпосле 2,24% of the "Crab" pattern target. The pair is currently forming a "spike and ledge" pattern on the basis of 1-2-3 pattern. The break below the lower border of the consolidation range at 1.1156 will result in correction towards 1.1114, while the break above the upper border of the range will make the pair move to the convergence area we found on the daily chart.  


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