Outside Bar on EUR/USD

Outside Bar on EUR/USD

The Price Action method signals a possible correction of the EUR/USD currency pair after a fairly long fall. Near the key demand zone of 1.17250-1.17600 a classic pattern of Outside Bar (H1 timeframe) has been formed, which at the moment is a reversal formation. At the moment, the price is testing a "mirror" resistance level of 1.18200. We recommend you to pay attention to this situation.

If the price fixes above 1.18200, it is necessary to consider buying EUR/USD. The closest target for fixing profit is the resistance level of 1.18700. In the medium term, EUR/USD may reach the level of 1.19250-1.19600. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.05.22

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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