empty
 
 
11.07.2017 02:25 PM
EUR/USD prepare to buy for a push up

Price has dropped nicely towards our profit target. We prepare to buy above 1.1379 support (Fibonacci retracement, horizontal overlap support, Elliott wave theory) for a bounce up towards 1.1447 resistance (Fibonacci extension, horizontal swing high resistance, Elliott wave theory).

Stochastic (34,5,3) is seeing strong support above 2.7% where we expect a bounce from.

Correlation analysis: EUR/USD and USD/CHF are strongly negatively correlated. Hence it is good that we expect a drop on USD/CHF and a bounce on EUR/USD as this shows that they are moving in tandem.

Buy above 1.1379. Stop loss at 1.1355. Take profit at 1.1447.

This image is no longer relevant

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback