Hey all, I've mapped out the potential completion of a bearish bat pattern that should signal a reversal for this particular pair. I'm setting the entry just beneath the 0.786 level of the larger Fibonacci retracement so that the movement can be confirmed to be reversing. Following the entry, we have 3 potential target areas that the price might be headed towards: The first is derived from a strong monthly S&R level and the 0.236 level of the smaller Fibonacci retracement. The second area is the one that I'm hoping the price will hit simply because it combines both local Fibonacci retracements as well as a solid enough daily S&R level. The third target area is a bit of a long-shot but it does feature several significant points of interest so I'm including it here as a potential bonus.
Setup
Entry: 0.86987
TP: 0.86639, 0.85562, 0.84880
SL: 0.87192 (This might be a little too tight for some people, so you can just set it above the D leg completion if you want)
Setup
Entry: 0.86987
TP: 0.86639, 0.85562, 0.84880
SL: 0.87192 (This might be a little too tight for some people, so you can just set it above the D leg completion if you want)