EUR/USD has been trading sideways at around 1.1358. Demand is still buoyant, so be careful when selling.
According to the H1 time – frame, I have found a potential bullish Wolfe wave pattern in progress. The projected target for the upside is at the price of 1.1500. The price should go towards the estimated target level. Currently there is a running flat bearish correction in creation and bearish divergence on the macd oscillator, which are signs that EUR/USD might trade a bit lower before new buyers join the market. Support level is seen at the price of 1.1293 and the key resistance is seen at the price of 1.1512.
Trading recommendation: We are bullish on the EUR from 1.1358. Protective stop is placed at the price of 1.1495 and the main target is set at the price of 1.1500
The material has been provided by InstaForex Company - www.instaforex.com
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