Facts:
EURUSD is trading in an upward move from the 1st of August
The pair bounced off the key support at 1.1622
Recommendation:
Trade: Long position on EURUSD at market price
Target: 1.1710, 1.1760
Stop: 1.1586
Opinion: Looking at EURUSD at the H4 interval, we can see that the recent sentiment on the pair has been bullish. However, a downward correction has occurred, which has brought the pair down to the key support at 1.1622. The green marked support on the chart below is a result of lower limit of 1:1 structure, as well as 200- period moving average from h4 interval. According to the Overbalance strategy, as long as the price sits above aforementioned support, the main trend remains upward. We recommend going long EURUSD at market price with two targets: 1.1710, 1.1760. We also recommend placing a stop loss order at 1.1586. Source: xStation5
