EUR/USD Bullish Alt Bat & Potential Bullish Bat
It looks as if the EUR/USD pair might commence a correction
from it's current highs. The RSI on the monthly chart is
nearing overbought conditions and the Stochastic oscillator
(settings 14,3,3) has been hovering above the 80 level for
quite some time already.
The first target would be the 50% Fibo retracement
which is near the yearly pivot point. From there back up to
1.21326, which would form a head & shoulders pattern. If
price were to continue down from there the next most
likely target would be the close of the French election
GAP from last year.
To form the potential bullish Bat pattern as depicted,
price would have to drop down to the 1.05928 level.
As this is on the monthly time frame I won't include entries
and targets because most probably trade on lower time
frames, however it serves as a road map depicting future
price levels.
Happy trading
It looks as if the EUR/USD pair might commence a correction
from it's current highs. The RSI on the monthly chart is
nearing overbought conditions and the Stochastic oscillator
(settings 14,3,3) has been hovering above the 80 level for
quite some time already.
The first target would be the 50% Fibo retracement
which is near the yearly pivot point. From there back up to
1.21326, which would form a head & shoulders pattern. If
price were to continue down from there the next most
likely target would be the close of the French election
GAP from last year.
To form the potential bullish Bat pattern as depicted,
price would have to drop down to the 1.05928 level.
As this is on the monthly time frame I won't include entries
and targets because most probably trade on lower time
frames, however it serves as a road map depicting future
price levels.
Happy trading