The EUR is still weak and not ready for a rally against other pairs. We could expect a slow further decline, if this happens this pair could give us a good setup for a long entry at a key level.
At W1 chart we have: - potential inverse head and shoulders pattern - first convergence (higher high) confirmed by oscillator - strond psycho number 0.7000
Here on D1 chart:
- Previous ending diagonal suggest this pair already bottomed - Perfect bullish shark - EW wave B (see below)
I will place buy limit orders near 0.7000. SL and targets shown on chart.
Best regards.
*****************DISCLAMER******************************************************************** Always do your own analysis before opening a trade. Any respectful and constructive ideas are welcome (agree or disagree). Follow me on Twitter for updates: @fxtrader2000
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First target hit, moving sl to be
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second target hit
Comments
BLKS
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work great
FullTimeTrader
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Yes!, at that time was difficult to think the EUR will recover. Regards.
BLKS
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ya, gbp is falling as well.
FullTimeTrader
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Adjusted levels for targets:
dinesh26
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Can I still get in on this trade? or is it not worth the R/R at this point? you have great analysis btw! keep up the great work.
Thank you.
johan.verm
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Hello; I'm not so good in patterns but must the last ending point not be beneath/under the startingpoint to be a shark?Otherwise great job..Greetings ,Johan
FullTimeTrader
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The last point could be in the range 0.8860 - 1.13. This time i prefer the 0.700 because its the 0.8860 fib and round number 0.7000 is a reaction level. Im using also my Elliot Wave count to choose a more specific entry point. Regards.
johan.verm
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Thanks.Have a nice tradingday..
BLKS
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Agree, an ab=cd is forming as well and target to completed at 0.70000 then will start rise.
It might also rise to 0.79300 due to a potential bat is forming as well in daily chart. :)
KVE
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Nice, looks like a great setup! I will adjust my last target on my short based on this and try to enter long now!