The euro remained in a short-term uptrend yesterday, and the Gold Zone 1.1017 – 1.1006 was broken out. The price then reached the next growth target — the Target Zone 1.1131 – 1.1110. This zone was held by sellers, triggering a downside correction during the U.S. trading session. As part of this correction, support (A) 1.1042 – 1.1032 of the short-term uptrend was tested. Buyers held the area, which led to a new upward wave, during which the first bullish target near the 1.1089 level was reached. However, the price failed to settle above this level today and is currently moving lower.
If support (А) is broken to the downside, the correction will continue to support (В) 1.0990 – 1.0974 — a trend boundary, from which short positions can be opened, too.
EURUSD Trading Ideas for Today:
Buy near support (В) 1.0990 – 1.0974.
TakeProfit: 1.1060, 1.1146.
StopLoss: 1.0945.
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