EUR/USD is currently in a consolidation period on the D1 timeframe. Price has tested the demand zone 5 times. If price breaks through the demand zone then a short entry will be on the table. If price holds and breaks previous resistance, then we should see a nice reversal and enter a long position.
Looking at the overall technical analysis from our free charts, we see that EUR/USD is still in a Sell Zone.
A few days ago we received the notification from our custom Reversal Chart Expert Advisor that a Piercing Line Pattern had emerged showing that a reversal was in store to the upside.
If price breaks to the downside and candle body holds below support of 1.128676, then a short entry with targets of 1.12157 will be the goal.
If price breaks to the upside and the candle body holds above resistance of 1.137996, then a long entry with targets of 1.142112 – 1.156845 will be our target.
Cheers to another successful week!