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EURUSD is heading to 61.8%

Thursday, October 12, 2017 10:11 AM GMT

EURUSD is still recovering after bouncing at +1.16 area. The pair is forming a falling channel which has been confirmed few times and price is heading to the upper side of it. In the meantime, there is near the major Fibonacci retracement of 61.8%. We presume that this area could offer intraday selling opportunities. The pair is stalling now as 200 SMA acts like resistance on the H4 TF. Reviewing the hourly TF, EURUSD is moving a rising channel. If price performs a valid bearish breakout, then we may a deeper correction. However, we have noted few decent supports where traders may find ST intraday buying trade setups. As long as the price stays above 200 SMA on hourly TF, the intraday trading bias is positive.

Daily

H4

Hourly

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