The price direction has changed and sayings more upside to come in the coming days.
On the 3hours time frame the price chart of EURUSD has been spotted forming a reversal chart pattern called the bullish gartley chart pattern.
The Gartley pattern is named after its founder H.M. Gartley. It's sometimes known as the Gartley 222. The Gartley pattern is complex because it deals with Fibonacci ratios. The chart pattern can be classified as a variation of a measured move down. The A and C tops look like an ugly double top, too. Having so many rules makes the pattern rare, below are the rules to follow when calculating this pattern on any time frame:
XA - Price rises from X (see figure on the right, not drawn to scale) to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB - Price retraces from the peak A to valley B about 61.8% of the XA move.
BC - After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD - The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE: If price drops below X on the way to finding D, then the pattern should be ignored. Always know that the first target is always the return back to the B leg before any other targets to the upside will be met.
Targets to look out for are as follows : 1.64611 up to 1.65266.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 3hours time frame the price chart of EURUSD has been spotted forming a reversal chart pattern called the bullish gartley chart pattern.
The Gartley pattern is named after its founder H.M. Gartley. It's sometimes known as the Gartley 222. The Gartley pattern is complex because it deals with Fibonacci ratios. The chart pattern can be classified as a variation of a measured move down. The A and C tops look like an ugly double top, too. Having so many rules makes the pattern rare, below are the rules to follow when calculating this pattern on any time frame:
XA - Price rises from X (see figure on the right, not drawn to scale) to peak at A. This is typically a large upward move to accommodate the retraces that follow.
AB - Price retraces from the peak A to valley B about 61.8% of the XA move.
BC - After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
CD - The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
NOTE: If price drops below X on the way to finding D, then the pattern should be ignored. Always know that the first target is always the return back to the B leg before any other targets to the upside will be met.
Targets to look out for are as follows : 1.64611 up to 1.65266.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.