EUR/USD: A bearish reversal candle to drive the pair towards the South


EUR/USD has been bearish on the daily chart. Thus, today's intraday price action has been bearish. The price has made a downside breakout on the H1 chart. The sellers are to wait for consolidation and an H1 bearish reversal candle at the breakout level. If an H1 candle then breaches the level of 1.10260, the price may head towards the South with good selling pressure.

EURUSD

 

Trade Summary:

Entry: Below 1.10260

Stop Loss: Above 1.10390

Take Profit 1: 1.10095

Take Profit 2: 1.09965

Take Profit 3: 1.09815

Please Note

The bearish reversal candle itself may breach the level of 1.10260. That would be a better signal. If it takes two candles to make the breakout, the breakout candle is to close below the level of 1.10260 but must not go too far down. The price may hit Take Profit 1 and Take Profit 2 with a good pace but may take a while before hitting Take Profit 3.

 


 

Try Secure Leveraged Trading with EagleFX!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: Bearish hammer on D1 ahead of ECB minutes

EUR/USD is looking heavy ahead of the minutes of the ECB Oct policy meeting, which are expected to show the members stand divided on which course to take. Waning trade optimism will likely keep the EUR on the defensive.

EUR/USD News

GBP/USD turns positive above 21-DMA as challenges to Tories recede

With the Tory supporters paying little heed to the previous day’s ITV debate, not to forget a surprise turnaround in the opposition Labour party loyalists, GBP/USD trades  better bid above 1.2900 while heading into the London open on Thu.

GBP/USD News

USD/JPY bounces-off 50-DMA but lacks follow-through

USD/JPY has bounced up from the 50-day MA support of 108.28. China's Vice Premier Liu He is cautiously optimistic about the prospects of the US-China trade deal. Related markets, however, are not buying Liu He's optimism, keeping the recovery in check. 

USD/JPY News

US Dollar Index recedes from tops, back below 98.00

The greenback, when tracked by the US Dollar Index (DXY), is struggling for direction in the proximity of 97.90 on Thursday. FOMC minutes stressed the Fed’s ‘wait-and-see’ stance. Philly Fed index, Claims, Fedspeak next on the docket.

US Dollar Index News

Gold: Doji on D1 questions bulls amid mixed trade sentiment

Although the United States’ (US) support for Hong Kong protesters favors the broad risk-off momentum, the mixed response from Chinese diplomats and a bearish candlestick formation question Gold buyers around $1,473 during early Thursday.

Gold News

Forex Majors

Cryptocurrencies

Signatures