On the , I am sure many traders spotted this Deep ( pattern completed beyond 78.6)
These are the reasons I will not go long on this pattern.
1. Put in the , it is in the middle of nowhere
2. no divergence
3. PRZ bashed through without hesitation
As with all failed patterns, it has the potential to become a which will complete much lower around 0.9872. (161.8 XA).
Euro and USD is almost guaranteed to reach parity, this is scary.
Good for US citizens to go on a holiday too, bad for all other countries including where I am from, Singapore.
Meanwhile, use simple moving averages(I use 34) to keep shorting Eurusd on every retracement, I am currently holding a short on GBPUSD which I expect it could reach 1.2150.
Good trading guys!
Check it out if you like my analysis.