FX.co ★ October 16, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

Since September 13, the EUR/USD has been trending-down within the depicted short-term bearish channel until signs of bullish reversal were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).

Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) where temporary bearish rejection and a sideway consolidation Range were demonstrated on October 7.

That's why, initial Intraday bearish pullback was expected towards 1.0940-10915 where another bullish swing was initiated.

The intermediate-term outlook remains bullish as long as the EUR/USD pair pursues its current movement above 1.0980 (Previous ascending Bottom).

Moreover, the current bullish persistence above 1.1000 (the depicted short-term uptrend line) should be maintained on a daily basis. Otherwise, sideway consolidations even a bearish pullback may be demonstrated 1.0940.

The short-term projection target remains projected towards 1.1065 and 1.1115.

Bullish persistence above 1.1065 is mandatory to enhance further bullish movement towards 1.1115.

Trade recommendations :

Intraday BUY entry was suggested around the recent bearish pullback towards the price levels of 1.1000 (the depicted short-term bullish uptrend). It's already running in profits.

Remaining T/P levels to be located at 1.1065 then 1.1115. S/L should be placed below 1.0960.