I believe that the bullish trend that started at the beginning of 2017 was just a ABC correction of the overall bearish trend. If the EUR/GBP completes its H&S pattern, this outcome for EUR/USD is extremely possible. the 5th wave target is a bold one at 1.0160.
Comments
stream
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no where to short .. what ,s up with you .. 1.05 .. no rings any bells ? ..
tootall1806
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@stream, Hey stream. You make a very valid point. 1.05 has been a huge support area ever since March 2015. I would like to believe that since we recently dipped below 1.05 to 1.036, this could have weakened the 1.05 support area. The reversal a couple days ago from 1.052 was right at the 61.8% fib retrace level from the most recent bull trend. Chances are that my forecast is wrong, but i'm still learning. ;)
Rocketman
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@stream, Looks like too many retailers caught the bottom at 1.05. More fuel for the fire down.