Facts:
- The pair bounced off the key support area near 1.1290
- EURUSD is trading above the 100-period moving average from H1 interval
Recommendation:
Trade: Long position on EURUSD at market price
Target: 1.1349, 1.1380
Stop: 1.1271
Opinion: EURUSD has been trading in a local upward trend recently. Looking at the H1 interval, one can see that the recent downward correction was halted at the key support zone at 1.1290. THe support is a result of lower limit of 1:1 structure, as well as previous price reactions. According to the Overbalance strategy, bouncing off aforementioned support heralds an upward trend resumption. Taking this into account, the upward move looks to be the base case scenario for now. We recommend going long EURUSD at market price with two targets:1.1349 and 1.1380. We also recommend placing a stop loss order at 1.1271. Source: xStation5
