Trade of The Day – EUR/USD

Facts: The pair bounced off the key technical support near 1.1660 Mid-term trend remains upward Recommendation: Trade: Long position on EURUSD at market price Target: 1.1830, 1.1900 Stop: 1.1600

Opinion : EURUSD has been trading in an upward trend recently. Looking at the H4 interval, one can see that the recent downward correction reached the key support, where buyers appeared .The area 1.1660-1.1670 is marked with previous price reactions, 200-period moving average, as well as lower limit of 1:1 structure. According to the classic technical analysis and Overbalance methodology, continuation of the upward move looks to be the base case scenario. We recommend going long EURUSD at market price with two targets: 1.1830 and 1.1900. We also recommend placing a stop loss order at 1.1600. Source: xStation5