Looking at the daily chart of the EUR/USD currency pair we could spot a potential bullish harmonic pattern, which looks like a Gartley pattern. The EUR/USD decline has stopped at the potential support level of 1,0776. From that level the pair has started to rise.
Currently, the potential resistance at the line drawn through the tops is being tested. However, if it is broken we could expect another rally as a consequence of the mentioned harmonic pattern. The next possible resistance may be located near 1,1144.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Currently, the potential resistance at the line drawn through the tops is being tested. However, if it is broken we could expect another rally as a consequence of the mentioned harmonic pattern. The next possible resistance may be located near 1,1144.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.