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EUR/USD: 1.1000 key for reversal – Vladimir Mihaylov

FXStreet (Barcelona) - Independent Analyst, Vladimir Mihaylov, believes EUR/USD is ready for an upside jump towards 1.1240 levels.

Key Quotes

“EUR continues consolidation below 1.1000, but Daily indicators are turning to bullish, H4 ones are bullish also, and we have a huge potential of making a sharp move higher which may reach 1.1240 and 1.1530 so be very careful when leaving opened positions through the weekend, huge gaps are possible.”

“Correction is needed and this can happen by the end of this month or beginning of May.”

“First signal will be breaking of 1.0930, and this will be confirmed if we have a break of 1.1000. We have only one intermediate resistance at 1.1150.”

“The pair is supported on Daily at 1.0740-50, then 1.0570. For now I do not expect to drop below the last.”

“LONG EUR above 1.0830 SL 1.0815 TP 1.1025-1.1080-1.1120-1.1240-1.1460-1.1520”

“SHORT EUR below 1.0700 SL 1.0720 TP 1.0550-1.0460”

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