As we could read in the previous EURUSD coverage the EURUSD hasn’t broken 1.0800 so there was no breakout towards 1.0720. What we see now is a squeeze in EURUSD and it formed a Cup and Handle variant 2 pattern which might push the pair towards 1.1000 and 1.1050. We can spot a false breakout and institutional selling which has led many traders astray thinking the pair could proceed with the downtrend. That is one of the reasons I have stated that 1.0950 is POC while a H1/H4 close above 1.0960 is bullish. If the pair manages to stay above 1.0960 the targets are 1.1000-50 and if the pair drops to high confluence POC in 1.0900 zone (DPP, E89,bullish order block) we could see another bounce towards 1.0950.
1.0950-60 is very important at this moment. Only a strong close below 1.0880 – L3 could negate strong bullish momentum.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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