MohamedMagdy

Bearish correction maybe coming before going bull

FX:EURUSD   Euro Fx/U.S. Dollar
149 7 3
Price action is rising with lower volumes !!
I Think there might be a breakout of the violet channel to the downside , and that breakout may lead the pair to fall below the red resistance line of the previous bearish channel !!
The breakout of the red resistance line of the previous bearish channel should be with high volume and spread in the up direction , however the volume shows lower volumes interaction with that major resistance line which may cause that breakout to be just a false one !!!
There is an ABCD Pattern formed shown with yellowish lines
The pair is in a critical levels and there is a strong move coming and it is more expected to be in the up direction as long as price action is above the green line which is a major support trend line .
Comment: Major reversal in US Dollar index in the down direction , which may indicate a long-term weakness of US dollar over other major currencies and a long term bullish move of EURO ,
There must be a a bearish test before the new bullish trend is confirmed and continued !
Are you sure that's an abcd pattern?
Reply
MohamedMagdy CristopherCerrato
Alternative AB=CD WHICH
AB=1.27CD
OR
AB=1.618CD
Reply
MohamedMagdy CristopherCerrato
http://neoharmonics.com/wp-content/uploads/2012/06/patternABCDAlt.png
Reply
MohamedMagdy CristopherCerrato
Bearish Reciprocal ABCD ADVANCE HARMONIC PATTERN
https://pseharmonics.files.wordpress.com/2011/07/bearish-reciprocal-abcd.jpg
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maybe not .. lol
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US DOLLAR INDEX WEEKLY CHART
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MohamedMagdy MohamedMagdy
snapshot
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