EUR/USD analysis for October 05, 2018


Recently, the EUR/USD pair has been trading sideways at the price of 1.1505. According to the M30 time – frame, I found the potential end of the downward correction (abc flat) in the background, which is a sign that selling looks risky. My advice is to watch for a potential breakout of the supply trendline to confirm a further upward movement. I placed Fibonacci expansion tool to find potential upward targets. Upward take profit levels are set at the price of 1.1565 (FE 100%) and at the price of 1.1610 (FE 161.8%). There is also a fake breakout of the yesterday's low at the price of 1.1492, which is another sign of the strength.

Trading recommendation : Watch for opening buy deals above the supply trendline.

The material has been provided by InstaForex Company -