EURUSD Possible M reversal if 1.1280 holds

1 min read

2015-05-13_13-10-40

As we could read in previous analysis and trade setups, dip at 1.1150 was strongly bought but EURUSD failed to close above 1.1280 subsequently. Currently EURUSD is forming M reversal pattern with a descending trend line and that could tank the price down to 1.1160 and 1.1130. If the price closes below 1.1130 it should target 1.1065 last line of bullish defense. However, if the pair fails to make a breakout of M pattern it could target 1.1280 and the break of 1.1280 targets 1.1360.

At this point, we could see a drop from 1.1230-1.1220 zone and if M succeeds it should target 1.1160 and 1.1130

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read the original article on AdmiralMarkets.com