EURUSD Rises Sharply, Nears First Take Profit Level

The EURUSD pair has been oscillating around the 1.0972 level over the last few days. However, in the last 60 minutes, the price has risen sharply, and the trend remains upwards above October 3 low of 1.0938.

As long as the EURUSD trades above the 1.0938 level, there is a good chance that the price will reach the September 24 high at 1.1023, followed by the inverse head and shoulders target at 1.1051. The H&S pattern was formed over the September 26 and October 2. The September 26 low is the right shoulder, while the October 2 low is the left shoulder, and the October 1 low is the head.

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Traders that are already long will probably book full or partial profits around the September 24 high, and traders that have not already bought the pair will probably buy in the 1.0938 to 1.0968 interval to optimize the risk-reward ratio.

However, if the price were to trade below the October 3 low of 1.0938, then EURUSD trend would turn bearish, and the price might slide to the next major support level, the 2019 low of 1.0873.

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EURUSD Chart

EURUSD Chart

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