EURUSD – Reverse trend line to support dips

Technical

Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2514. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. Majority of last month’s initial selloff was recaptured. Follow through buying has been posted in September.

Weekly: We look for a 5-wave completion at 1.1300 (Elliott Wave). We now look to be forming the corrective AB=CD pattern to the upside. The sequence looks to target 1.1950, just above the 50% Fibonacci level of 1.1928. The trend of lower highs has been broken. Reverse trend line support now comes in a 1.1716. Bespoke support is currently located at 1.1725. Bespoke resistance at 1.1875

Daily: Looks to have broken a reverse Head and Shoulders patter to the upside. The measured move target is 1.2140 (just above the 61.8% pullback level of 1.2076).

We look to buy dips We look to Buy at 1.1725

Stop: 1.1625

Targets: 1.1928 and 1.2140

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