Inside Bar on EUR/USD

Inside Bar on EUR/USD

The bullish sentiment prevails on the EUR/USD currency pair. The trading instrument has updated local highs. The greenback is under pressure amid an escalation of the trade conflict between the US and China. The EUR/USD quotes are tending to correct. On the 4-hour timeframe, some classic patterns of Price Action, Inside Bar, have been formed, which are the formations of the continuation of the current trend. The local resistance is the mark of 1.12350. We recommend paying attention to this situation.

If the price fixes above the level of 1.12350, further recovery of the EUR/USD currency pair is expected. The immediate goal for profit taking is the resistance level of 1.12800. In the medium term, the EUR/USD quotes may reach 1.13200-1.13500. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex, 2019.05.10

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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