Intraday Outlook with ABCD Pattern In Play

FX:EURUSD   Euro Fx/U.S. Dollar
188 0 3
The CD leg of the Intraday ABCD pattern , forming the
current retracement, is slowing down in pace, and now
price is hesitating by the 61,8 fib of CD, at 1,0975.
A failure of taking out the FOMC spike high and a
breaching of 1,0840 level and the Weekly PP, downside
risk will considerably increase, since it could also be
the forming of a Butterfly Buy, with a D point below
current multiyear low.
Still, with retail crowd on the net short side, chances are
good we will see a test of the 1,1060-80 confluence
resistance (Weekly R1, Monthly S1 and H4 SMA 200)
If a bounce from here, it could be a good level to play
a scalp long after a retest of the 61,8 level (1,0975) for a
ride towards the 1,12 with is the ultimate target of the
upward retracement, following the ABCD pattern .
First warning signs for bulls will be a close below the
daily PP at 1,0894. The Completion of the ABCD pattern
regardless how it will be completed, will be a sell signal
with a minimum target of 1,0915, the 61,8 fib of the whole
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