Outside Bar on EUR/USD

Outside Bar on EUR/USD

Since the beginning of this month, the EUR/USD currency pair is in a sideways trend. Price Action indicates a possible correction. Near the key resistance level of 1.25250, a classic pattern of Outside Bar (D1 timeframe) emerged, which acts as a reversal formation. The level of 1.23700 is the local support. We recommend you to pay attention to this situation.

If the price fixes below 1.23700, it is necessary to consider sales of EUR/USD. The closest target for fixing profits is the level of 1.22500. In the medium term, EUR/USD can achieve the "mirror" support of 1.20750. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, one should use a trailing stop.

by JustForex, 2018.02.19

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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