EURUSD - pull back to extend more

FX:EURUSD   Euro / U.S. Dollar
2044 8 24
Friday's NFP numbers completed a lead to completion of a smaller cypher pattern on the hourly timeframe just below 1.10. Price action extended a little higher but did not break the X-point of that pattern.

When this kind of pattern completes, we usually look for a .382 price retracement and potentially a . 618 retracement . In this case however I believe we'll only reach the .382 and reversal back up might happen around 1.0890.

If that is the case, I will be looking for a potential AB=CD pattern right into completion of the Gartley pattern you see in the chart where we have quite some fibs aligning around the 1.12 even handle.

I know it's still far off ... but just keep an eye on this chart and see how it evolves, I know that's what I'm going to do. :)
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Great Chart . keep an eye out for a possible Sell signals .
i'm looking for short , my view :

Best Regards
+1 Reply
Hi, thanks for sharing your view. I do not trade on such a long term (which is more like investing) and your view does not exclude the option I outlined to happen. For the short term, I believe the USD strength was mostly based on the promised interest rate hike which seems to be postponed more and more so USD might lose some strenght until that rate hike is coming through. But ... we also have Draghi's QE plan that we have to keep in mind ... so who knows where it will go ? :)
Totally agree. I was thinking about the possiblity the day of the US flash crash on March 18.
The only harbinger to negate this now, despite the piss poor US economic data, is the strong possibility of Greece leaving the Euro.
Keep up the good work;)
I agree here, if you look at gold, the dollar weakness might extend for a week at least.
+1 Reply
Nico.Muselle IvanLabrie
Thanks for your comment Ivan, I usually don't look at gold so I did not see the link but you might be right :)
IvanLabrie Nico.Muselle

My forecast as it stands...a move under the red line would invalidate it and send price to retest the low.
Nico.Muselle IvanLabrie
Interesting chart ... simple, but seems to work for you :)
IvanLabrie Nico.Muselle
One thing to keep in mind, if we don't see a big move above the last high, we might be in the middle of a triangle here...
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