EUR/USD the correction probably will continue

29.09.2017 / 10:48

Rating:

EUR/USD: Our expectations: Middle-term upward movement, but it seems that the correction will continue after the break of level 1.1830. It is highly likely to see re-test of levels 1.1830 afterwards we can position with short position, which will be valid until we have closed candle above 1.1850.

Alternative scenario: If the price breaks above 1.1830 and closed candle above 1.1850 will gives us signal for new ascending movement and we must look for a long position.

Comments: Lower bottom and lower top, giving us signal for possible change of the middle-term movement to short.

Indicators are in negative territory, which for now is increasing the probability for correction continuum.

Price action: three bearish candles, giving us negative signal known as three black crows

Fundamental: Short-term the fundamental is for stronger USD, after the comment around tax reform and uncertainty around Germany coalition cabinet.

Stefan D. Angelov - head of Stocks Trading

Varchev Traders

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EUR/USD the correction probably will continue

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