A follow-up on the chart I posted last Monday. The first of the predicted bat patterns has come to a completion now.
Don't go long just yet though, we have a Draghi speech tomorrow which could have an impact on price action. I'd wait for either a good confirmation and entry signal, either a completion of the second pattern.
There might not be that much upside to the EUR with the QE kicking in next week.
Didn't look at those but from your chart they seem to be correct yes.
TradeYodha
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great. Thanks for comfirmation
Nico.Muselle
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You're welcome, anytime :)
riskmode
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Did you take this trade? I think I see a hammer in the PRZ
Nico.Muselle
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I did not enter the trade yet as I did not get a clear signal that the trend has reversed. Sure, the downward movement has stopped but there is not a real trend reversal yet.
Given the weakness of the EUR in the last couple of days, we might see prices descend and complete the 2nd bat pattern as well, so I'm sitting on my hands on this one waiting for a good entry.
IvanLabrie
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What target?
This is possible Nico...
Nico.Muselle
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Thanks for your insight, it is indeed possible that we see a further descent of this pair given the EUR weakness in the last couple of days. I'm not entering any trade on this until I see a clear reversal on it for that same reason. :)