The Euro after dipping below the 1.1000 level against the US Dollar recovered and currently making an attempt to move higher. There is an interesting pattern forming on the hourly chart after a convergence was created. So, there is a chance that the EURUSD pair may trade higher in the short term back towards the 1.1070-80 area.

Looking at the 15-min chart, we can wait for the pair to correct down before planning for a buy trade.

Technical Analysis

H1 – Hourly chart highlighting the scenario in which the EURUSD pair may climb higher, and a move down later on.

Buy Entry:

M15 – If the EURUSD pair dips from the current levels, creates a false break below the 1.1000-10 levels and trades back higher, then we can enter a buy trade.

Target 1: 1.1050

Target 2: 1.1070

Stop Loss: Below 1.0970

Video Explanation:

Yours,
Vladimir