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Technical outlook:
The EUR/USD pair has finally reversed lower from the 1.2180/1.2200 zone as expected and discussed. It has managed to produce a perfect bearish Evening Star candlestick pattern on the daily chart, indicating a potential turn. Note that prices have fallen back into the sell zone of its resistance trend line, which is favorable to bears.
The pair is seen to be trading 100 pips lower around the 1.2175 level from its recent swing highs and is expected to continue dragging lower towards 1.1986 in the near term. Immediate price resistance is seen at 1.2181, followed by 1.2245; while support comes in around the 1.1986 level. A break there will confirm that bears are back in control and the trend has turned lower from here.
The EUR/USD pair has rallied through the 0.618 Fibonacci retracement level of the entire drop between 1.2350 and 1.1704 earlier. The extensions are pointing towards 1.1300 at least and up to 1.0636, going forward. The counter trend rally seems to be complete and bears are now turning towards the larger downward trend.
Trading plan:
Remain short, stop @ 1.2350, target @ 1.1300
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
