EURUSD – Moving lower towards the right shoulder

FX:EURUSD   Euro / U.S. Dollar

EURUSD - Intraday - We look to Sell at 1.1238 (stop at 1.1268)

Trades at the lowest level in 4 days. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. A bullish reverse Head and Shoulders is forming. The medium term bias remains bullish . Trend line support is located at 1.1129. Although the anticipated move lower is corrective, it does offer ample risk/reward today. Bespoke resistance is located at 1.1238.

Our profit targets will be 1.1130 and 1.1115

Resistance: 1.1238 / 1.1254 / 1.1261
Support: 1.1193 / 1.1128 / 1.1107
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