BITCOIN Analysis for August 27, 2018

Bitcoin has been quite corrective and volatile after it broke above $6,500 with a daily close recently. Bitcoin is still quite indecisive, struggling for gains. This dynamic is expected to encourage further bullish momentum in the coming days. The price is residing above dynamic levels of 20 EMA, Tenkan and Kijun line that is indeed a great sign of a further upward move, whereas the Chikou Span has also cleared the price line to ensure an impulsive momentum in the short term. As for the current scenario, despite the certain correction and volatility, BTC price is expected to push towards $8,000 as it remains above $6,500 area with a daily close.

SUPPORT: 6000, 6500

RESISTANCE: 7500, 8000

BIAS: BULLISH

MOMENTUM: VOLATILE AND CORRECTIVE

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Fundamental Analysis of USD/JPY for August 27, 2018

USD/JPY is currently quite indecisive and volatile after breaking above 110.50 with a false break recently. Despite the recent downbeat economic reports from the US, certain gain on the USD side against JPY does indicate the weakness of JPY in the process.

Citing FED Chair Powell, the US central intends to continue monetary tightening, though at a gradual pace. Less hawkish stance of the US Fed left dollar bulls indecisive. Though President Trump is not quite happy about recent rate hikes, the FED is currently considering at least 3-4 rate hikes in the year ahead. This week US Prelim GDP report is going to be published which is expected to show a slight decrease to 4.0% from the previous value of 4.1% and Unemployment Claims report which is expected to increase to 211k from the previous figure of 210k.

On the JPY side, tomorrow BOJ Core CPI report is going to be published which is expected to decrease to 0.3% from the previous value of 0.4%. On Wednesday, Consumer Confidence report is going to be published which is expected to have a slight decrease to 43.4 from the previous figure of 43.5 and on Friday Unemployment Rate report is going to be published which is expected to be unchanged at 2.4%.

Meanwhile, certain volatility is expected in the pair this week which may lead to certain indecision in the market. Though a series of economic reports will be published but forecasts are mixed which might lead to further gains on the USD side leading to further gains in the pair. Ahead of the Prelim GDP report this week, USD may lead the path if better than expected results are published.

Now let us look at the technical view. The price is currently residing above 110.50 as well the dynamic level of 20 EMA. Though the price has been quite indecisive on Friday but having an impulsive bullish pressure following a strong False Break below 110.50 is expected to inject further bullish momentum in the process. As the price remains above 110.50 with a daily close, the bullish bias is expected to continue further with target towards 112.00 and later towards 113.00 in the coming days.

SUPPORT: 110.50

RESISTANCE: 112.00, 113.00

BIAS: BULLISH

MOMENTUM: VOLATILE

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Fundamental Analysis of EUR/USD for August 27, 2018

EUR/USD has been quite impulsive with bullish gains recently which lead the price to reside above 1.15 area with a daily close. Due to recent downbeat economic data from the US, EURO managed to gain certain momentum over USD which is expected to be quite short-lived.

EUR has been trading with a predictable dynamic which encouraged EUR to sustain its momentum in the process. Today, EUR has been quite strong in light of the fundamentals. German Ifo Business Climate index surged to 103.8 from the previous figure of 101.7 which was expected to be at 101.9. Moreover, this week German Retail Sales, Unemployment Rate, and Flash CPI reports are going to be published.

On the other hand, this week US Prelim GDP report is going to be published which is expected to show a slight decrease to 4.0% from the previous value of 4.1% and Unemployment Claims report which is expected to increase to 211k from the previous figure of 210k.

Meanwhile, in the last week of the month, the market is expected to be quite slow and indecisive whereas any negative outcome on the EUR's side is expected to empower USD gains in the coming days which can lead to a further downward move in the process. EUR has gained certain momentum today on the back of positive economic data, but it is not enough to push the price above the key resistances.

Now let us look at the technical view. The price is currently quite indecisive after the previous impulsive bullish momentum which lead the price towards the trend line resistance at 1.1650 area. The price has been also held by the Kumo Cloud resistance as well from where having confluence to push lower towards 1.1500 and later towards 1.1300 support area in the coming days. As the price remains below 1.17 area with a daily close, the bearish bias is expected to continue.

SUPPORT: 1.1500, 1.1300

RESISTANCE: 1.1650, 1.1700, 1.1850

BIAS: BEARISH

MOMENTUM: VOLATILE

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Bitcoin analysis for August 27, 2018

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Trading recommendations:

According to the H4 time - frame, I found that price got big troubles to go above the key resistance level at $6.682. I also found a broken upward trendline in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $6.218 and at the price of $5.853.

Support/Resistance

$6.682 – Intraday resistance

$6.525– Intraday support

$6.218 – Objective target 1

$5.853 – Objective target 2

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GBP/USD analysis for August 27, 2018

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2828. Anyway, according to the M30 time – frame, I found a rejection of the weekly pivot at the price of 1.2837, which is a sign that selling looks risky. I also found a rising trendline and the oversold condition on the stochastic oscillator, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.2880 and at the price of 1.2923.

Resistance levels:

R1: 1.2885

R2: 1.2923

R3: 1.2966

Support levels:

S1: 1.2840

S2: 1.2760

S3: 1.2723

Trading recommendations for today: watch for potential buying opportunities.

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EUR/USD analysis for August 27, 2018

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Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1594. Anyway, according to the M30 time – frame, I found rejection of the today's pivot level at the price of 1.1598, which is a sign that selling looks risky. I also found a broken supply trendline and oversold condition on the stochastic oscillator, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.1660 (R1) and at the price of 1.1700 (R2).

Resistance levels:

R1: 1.1661

R2: 1.1703

R3: 1.1766

Support levels:

S1: 1.1556

S2: 1.1493

S3: 1.1450

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of NZD/USD for August 27, 2018

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Overview:

The NZD/USD pair couldn't break support at the level of 0.6650. The level of 0.6650 coincides with 38.250% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (0.6676) in the coming hours. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.9958. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6676 with the first target at 0.6712. Then, the pair is likely to begin an ascending movement to the 0.6733 mark and further to the 0.6759 levels. The level of 0.6759 will act as strong resistance, because the double top is already set at 0.6759. On the other hand, the daily strong support is seen at 0.6624. If the NZD/USD pair is able to break out the level of 0.6624, the market will decline further to 0.6541.

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Technical analysis of GBP/USD for August 27, 2018

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Overview:

The GBP/USD pair rose from the level of 1.2854 towards 1.2936 last week. Now, the current price is set at 1.2845. On the H1 chart, the resistance is seen at the levels of 1.2936 and 1.2973. Besides, the weekly support 1 is seen at the level of 1.2817. Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.2854, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.2854 and 1.2973. Therefore, buy above the level of 1.2854 with the first target at 1.2936 in order to test the daily resistance 1 and further to 1.2973 (double top). Nevertheless, if the pair fails to pass through the level of 1.2973, the market will indicate a bearish opportunity below the level of 1.2973. The market will decline further to 1.2854 in order to return to the weekly pivot point. Additionally, a breakout of that target will push the pair further downwards to 1.2735. Besides, it should be noted that the weekly pivot is seen at the level of 1.2854. Moreover, the market is still in an uptrend. We still prefer the bullish scenario.

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Technical analysis of Gold for August 27, 2018

Gold price broke and closed the week above $1,200. Trend is bullish. Gold price made a shallow pull back as expected at the 38% Fibonacci retracement and then broke higher to new highs. Gold price is expected to continue higher but could first see a back test of $1,200.

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Red line - support trend line

Green rectangle - bulls line in the sand support

Blue lines - expected path

Gold price has major support at $1,182 and for the trend to remain bullish we need to stay above this level. The first warning for bulls will come if price breaks below the red trend line support at $1.190. Bulls would ideally want to see another shallow pull back and back test of $1,200 and then a break higher. Short-term target remains at $1,220 given from our previous analysis.

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Technical analysis of EUR/USD for August 27, 2018

EUR/USD has formed an inverted head and shoulders pattern. This pattern is activated on a break above the neckline resistance at recent highs at 1.1640-1.1650. This pattern if activated will give us target around 1.1930.

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Red line - resistance

Blue line - neckline resistance

Yellow lines - Inverted Head and shoulders pattern

Black line - support

Support is at 1.1530. A break below this level will cancel the bullish inverted H&S pattern. Bulls will have two supporting signals on a break above 1.1630-1.1650 as price will be activating the Inverted H&S pattern and will also be breaking above the red trend line resistance. EUR/USD has made a new high but the RSI does not confirm it (not shown here). This is a worrying sign so despite the bullish pattern we have noted, a break below the black support line will bring bears back in control and will cancel the short-term bullish view.

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Global macro overview for 27/08/2018

In the US, the event calendar offers a consumer confidence index on Tuesday, GDP revisions for the second quarter, income and expenditure report of Americans and PCE Core (Thursday) and mood indexes of Chicago PMI and University of Michigan in the last day of the trading week. Indicators of household and business sentiment stand out in the first place, as they will allow us to assess whether recent decisions on import duties leave a mark on the economy. Disappointing readings will have more impact on USD than otherwise.

We will receive the German Ifo on Monday from the Eurozone and the preliminary CPI estimate on Friday. After the PMI readings, the chances for a solid Ifo growth this week have fallen, although any interruption of the eight-month series of declines in a row may put some optimism in the prospect of recovery in the largest Euroland economy. In terms of inflation, high energy prices should maintain the overall ratio over 2%, but at the base level, maintain 1.1%. will be a break for the fundamental rebound of the EUR. Nevertheless, there are still a lot of short positions on the market, which started to bring losses last week and the pressure to close them may become a lever for short-term increases.

This week brings an empty calendar from the UK and a bank holiday on Monday. This means that the pound will be on the brink of press relations around the Brexit negotiations, and these have recently been unfavorable. On the one hand, it facilitates GBP depreciation against USD and EUR, but also reduces adjustments. However, without surprising revelations towards a lack of agreement or soft Brexit, GBP will remain an unwanted asset, and its quotes will be devoid of direction.

In Asia, investors will be looking at PMI readings from Chinese industry on Friday, because August was the first month when the US customs war was in full force. Lowering the indicator under 51 will be a disturbing signal that will fuel speculation about the economic slowdown and will weigh on the market sentiment.

In Australia, we have a quarterly report on private equity investments (CAPEX) and building permits (both on Thursday). The reflection, especially in the mining industry, translates into expenditure on machinery and other fixed assets, which makes a solid contribution to GDP. Data from the real estate market will be an important test of the condition of the sector in the face of growing concerns about excessive household debt. Good data is enough for transitional support for AUD, because the political noise and the general picture of foundations are more in favor of weakening AUD. From New Zealand, we will also receive data on construction permits (on Thursday), which, however, will not dominate the trend dictated by the attitude towards USD and general risk appetite. Additional fuel for kiwis may emerge from Aussie differentiation if a political storm flares up in Australia.

From Canada, we will receive a GDP reading for June and the entire second quarter. Partial data for April and May and reading of retail sales and industrial production allow for a solid reading. The fundamental background remains good, although for the time being the Bank of Canada has no votes suggesting another hike in September and October seems more likely. Even so, if this weekend at the Jackson Hole Symposium President Poloz will be tempted by the hawkish mention, we can count on a CAD rally. In addition, NAFTA negotiations seem to be going well, but we are still without specificities that could revive trade on the FX.

Let's now take a look at the SP500 technical picture at the H4 time frame. The market has made a new all-time high at the level of 287.63 and closed near this level on Friday. The market conditions are now overbought and there is a bearish divergence building between the price and the momentum indicator, so a short-term correction might occur soon. The nearest set of technical supports are at the levels of 287.27, 286.77 and 286.12. The larget time frame trend remains up and there ane no signs of any tren reversal.

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Trading plan for 27/08/2018

At the very start of the trading, the dollar deepened the Friday decreases resulting from the lack of hawkish mentions in Powell's Jackson Hole. EUR / USD violated 1.1650 and USD / JPY began testing 111.00. Over time, the dollar has regained some of the field in a sleepy atmosphere that will probably continue due to a holiday and a day off work in London.EUR / PLN will start the day from around 4.2750. The Asian stock markets have clearly positive sentiment. Nikkei 225 grows about 1 percent, but about 2.0% are growing Shangahi Composite and Hang Seng. Futures on SP500 after Friday, around 0.5% up already and is rising by a further 0.25 percent up to 2883 points The one-ounce gold week starts at $ 1207. WTI crude oil is priced at USD 68.75 per barrel.

The new week in the markets should start sluggishly due to a bank holiday in the United Kingdom on Monday. In Europe, the mood of German entrepreneurs (Ifo) and preliminary inflation estimates will be under the microscope. The market participants expect Ifo Business Climate Index to increase from 101.7 to 101.9, Ifo Current Assessment to remain unchanged at 105.3 and IFO - Expectations to increase from 98.2 to 98.4.

There are other important events this week. In the US, it will be interesting whether consumer optimism continues to record high. In addition, PMI from China and GDP from Canada can attract attention.

EUR/USD analysis for 27/08/2018:

Let's take a look at the EUR/USD technical picture at the H4 time frame. The market has made a new local high at the level of 1.1655 and is still moving inside of the upsloping channel. The nearest technical support is seen at the level of 1.1529 and 1.1506. Please notice, the clear bearish divergence between the price and the market momentum, that suggest an incoming corrective pull-back. On the larger time -frame charts the main trend is still bearish.

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Bitcoin analysis for 27/08/2018

As reported by financial media, the US Securities and Exchange Commission (SEC) will review its decisions to reject nine applications for ETF investment funds.

On Wednesday, the SEC rejected a total of nine applications for the introduction of bitcoin-based ETFs to the market, claiming that these products do not meet the requirements set out in the Exchange Act, in particular, the requirement that stock exchange regulations should be developed to prevent fraudulent and manipulative activities and practitioners.

Shortly after, the SEC published letters in which, after the delegation of power to act on the proposals, it expressed its intention to review the decision. The lists, however, do not specify the date of making a decision or what the review entails.

ETFs are transferable securities that track an index, commodity or basket of assets that are proportionally represented in the fund's shares. ETFs are constantly experiencing price changes because they are bought or sold on the stock exchange.

Last month, the SEC rejected the request for the ETF Winklevoss ETF funded by Bats BZX Exchange, Inc. The first application was rejected by the SEC in March 2017 because of the 'largely unregulated nature of the Bitcoin markets'.

A day later, Commissioner Hester M. Peirce published a statement on official opposition to the refusal to accept the application for the Winklevoss fund. Peirce argued that the SEC made a big mistake in making the last decision and that the agency exceeded its "limited role" when it focused on the characteristics of the Bitcoin base market, not the derivative. She suggested that the rejection of the application would probably inhibit the institutionalization of the Bitcoin market.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading above the weekly pivot at the level of $6,588 and now the next target for bulls is seen at the level o f$6,873. The nearest technical resistance is seen at the level of $6,782 and the nearest resistance at the level of $6,514. Please notice the blue trend line support that still provides the support for bulls, so the bias remains to the upside.

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USD/JPY Reversed Off Resistance, Prepare For Further Drop

USD/JPY reversed off its resistance at 111.46 (100% Fibonacci extension, 76.4% & 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 110.09 (61.8% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.

USD/JPY reversed off its resistance where we expect to see a further drop.

Sell below 111.46. Stop loss at 112.44. Take profit at 110.09.

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AUD/JPY Approaching Resistance, Prepare For Reversal

AUD/JPY is approaching its resistance at 81.82 (61.8% Fibonacci extension x2, 61.8%, 50% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 80.59 (61.8% Fibonacci retracement, horizontal overlap support). Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.

AUD/JPY is approaching its resistance where we expect to see a reversal.

Sell below 81.82. Stop loss at 82.51. Take profit at 80.59.

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Technical analysis: Intraday Level For EUR/USD, Aug 27, 2018

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When the European market opens, some Economic Data will be released such as German Ifo Business Climate. The US will not release any Economic Data, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1701. Strong Resistance:1.1694. Original Resistance: 1.1683. Inner Sell Area: 1.1672. Target Inner Area: 1.1644. Inner Buy Area: 1.1616. Original Support: 1.1605. Strong Support: 1.1594. Breakout SELL Level: 1.1587.

Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.

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Technical analysis: Intraday level for USD/JPY, Aug 27, 2018

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In Asia, today, Japan and the US will not release any Economic Data. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL: Resistance. 3: 111.80. Resistance. 2: 111.58. Resistance. 1: 111.36. Support. 1: 111.09. Support. 2: 110.87. Support. 3: 110.66.

Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.

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Elliott wave analysis of EUR/NZD for August 27, 2018

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We continue to look higher here. A clear break above resistance at 1.7484 will open up the upside for a rally towards 1.7821 and more likely closer to resistance at 1.7924 before the next corrective consolidation is expected.

Support is seen at 1.7339, which ideally will protect the downside for a break above minor resistance at 1.7416, that will call for a more firm test of important resistance at 1.7484.

R3: 1.7668

R2: 1.7578

R1: 1.7484

Pivot: 1.7416

S1: 1.7356

S2: 1.7339

S3: 1.7281

Trading recommendation:

We are long EUR from 1.7330 with our stop placed at 1.7275.

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Elliott wave analysis of EUR/JPY for August 27, 2018

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EUR/JPY has rallied nicely from the 124.89 low. The rally is now in five sub-waves (in red), which makes up the first impulsive wave in black wave i. Now we should look for a three wave corrective decline, which at least should take us lower to 127.29 and likely even closer to the 61.8% corrective target at 126.72.

Resistance is now seen at 129.38 and again at 129.69. The later will ideally be able to cap the upside for renewed downside pressure.

R3: 130.05

R2: 129.69

R1: 129.38

Pivot: 128.96

S1: 128.89

S2: 128.69

S3: 128.45

Trading recommendation:

We will sell EUR at 129.30 and place our stop at 129.80. We will place our take profit at 126.95. As we are trading a correction, this is a higher risk trade.

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Intraday technical levels and trading recommendations for NZD/USD for August 27, 2018

Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350).

Quick bearish decline took place towards 0.6700-0.6800 where narrow ranged consolidation range was established.

On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 temporarily.

However, lack of bullish momentum made the bulls fail to maintain enough bullish momentum above 0.6700.

On August 9, bearish breakout below the depicted consolidation range (0.6700-0.6840) was executed. This allowed the current bearish decline to occur towards 0.6600-0.6570.

The NZD/USD pair outlook turned to be bearish. Bearish targets are projected towards the price levels of 0.6520 and 0.6480.

Recently, early signs of bullish recovery have been being manifested around the recent low around 0.6550. This allowed the current bullish pullback to occur.

Conservative traders should wait for a deeper bullish pullback towards 0.6750 for a low-risk SELL entry. S/L should be placed above 0.6850.

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Intraday technical levels and trading recommendations for EUR/USD for August 27, 2018

Daily Outlook

In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the lower limit of the depicted consolidation range (1.2200).

The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, a descending high was established around 1.1800.

On the weekly chart, the EUR/USD pair is testing the price zone of 1.1450-1.1370 (demand zone) where the depicted trend lines are located on the depicted weekly chart.

On August 10, temporary bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300 where evident bullish recovery was demonstrated.

If the current bullish pullback persists above 1.1520, the bearish scenario would be hindered for the short-term. Further bullish advancement would be expected towards 1.1750.

On the other hand, for the weekly Head & Shoulders reversal pattern to be confirmed, the EUR/USD pair needs obvious bearish persistence below 1.1400.

Initial bearish target would be located around 1.1275, then 1.1120 if enough bearish pressure is applied.

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