EURUSD Rises Sharply, Nears First Take Profit Level

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Written By: Alejandro Zambrano

Oct 10, 2019, 08:31 BST 08:31

eurusd

Summary:

The EURUSD pair has been oscillating around the 1.0972 level over the last few days. However, in the last 60 minutes, the price has risen sharply.

The EURUSD pair has been oscillating around the 1.0972 level over the last few days. However, in the last 60 minutes, the price has risen sharply, and the trend remains upwards above October 3 low of 1.0938.

As long as the EURUSD trades above the 1.0938 level, there is a good chance that the price will reach the September 24 high at 1.1023, followed by the inverse head and shoulders target at 1.1051. The H&S pattern was formed over the September 26 and October 2. The September 26 low is the right shoulder, while the October 2 low is the left shoulder, and the October 1 low is the head.

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However, if the price were to trade below the October 3 low of 1.0938, then EURUSD trend would turn bearish, and the price might slide to the next major support level, the 2019 low of 1.0873.

Written By: Alejandro Zambrano

Alejandro Zambrano combines extensive professional experience and a pragmatic attitude to trading, building clients’ understanding of the markets and the rationale behind investing. Zambrano was the Chief Market Strategist of the FCA regulated broker, Amana Capital. Prior to that, he was also the Head Analyst at FXCM’s London research desk. Interact with Alex via Twitter at @AlexFX00.