Forex forecast / EUR/USD / Our expectations
The price is moving in middle-term upward trend, correction to levels of diagonal support and break of the descending channel, which indicates that the correction is over and we can enter long position. Formed figure Head & Shoulders to the upward movement and break of the neckline - the figure is activated. The price is above SMA 200/50 - positive signal. Technical indicator: CCI(50) - Breaks above level 100, the positivism in the market is getting stronger. DeM(14) - Above level 0.7 - the positive sentiment is still on power. With order to minimizing the risk and shorten SL, it's good to wait for a test of the break of the neckline around price 1.1880. Alternative scenario: If the price break below the neckline and SMA 50 an return into the downward channel the positive scenario will be dismissed.
SL: 1.1680
Trader Bozhidar Arabadzhiev
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