EURUSD – on the chart of quotations of this pair we can mark several important levels of support and resistance, which are quite accurately respected. The first one is 1.0985 from which the price bounced back 14.11 creating a bullish engulfing formation. The second level of S/R is 1.1105 to which the price currently is heading.
Daily candle from 18.11 (Monday) creates Inside Bar pattern because its maximum level of 1.1089 and minimum level of 1.1046 have not been defeated until today. If the MACD increases, it is very probable that a breakout from this pattern will occur.
If you look at chart H4 – we can determine one more level of S/R = 1.1062. The lower wicks of the next three candles indicate its successful defeat and the supply target can be mentioned at the beginning at the level of 1.1106.
From Monday to Friday – Live trading at 13:00( London time) chat, analyse and trade with me: https://www.xm.com/live-player/intermediate
In our Facebook group, which you can join anytime: https://www.facebook.com/groups/328412937935363/ you will find 5 simple strategies on which my trading is based. There, every day we post fresh analyses of currency pairs and commodities