TomHall
Short

EUR.USD - Bearish Bat Pattern 1.13849

FX:EURUSD   Euro / U.S. Dollar
On the EUR.USD Daily chart we have a potential short opportunity at the D leg completion of a Bat Pattern

The price reversal zone on this pair is between 1.13849 & 1.14746
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Fibonacci Confluence: 88.60% - 1.414% including an AB=CD that completes at 1.14364

Potential targets for the Bat Pattern placed at the .382% and .618% retracement of the A to D move.
There is also opportunity to look for extended targets at around 1.0600
Stop loss would be placed above X leg structure resistance .

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I think this bat pattern already took both targets last month and lost it's potential.
+1 Reply
TomHall TOP Eugene_Titov
That is certainly possible, however as we can see at 1.1400 price action has respected this level on numerous occasions so we must assume this will be the case again.
If price does get up to the D leg completion we can then look for extra confluence on the lower time frames.
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