On the EUR/USD daily chart, “bulls” failed to return quotes to the boundaries of the long-term upward trading channel. The “bears” took advantage of this, launched the counterattack and managed to restore the downward trend.
The pair is moving towards 161,8% target in the “Crab” pattern. The nearest resistance line is located at 1,095 (61,8% Fibonacci retracement level from the last long-term “bullish” wave).
On the EUR/USD hourly chart, the fact that quotes went out from the downward trading channel is just a market noise. “Bears” still dominate the market. Under such conditions, traders should trade on the rebounds to the nearest resistance levels at 1.095 and 1.099.
Recommendations: SELL 1,095 SL 1,1005 TP 1,08 SELL 1,099 SL 1,0935 TP 1,08.
Origin: FX BAZOOKA
