UPDATE: EURUSD Bearish Shark Trade TP1 & TP2 HIt (+264 pips)

FX:EURUSD   Euro / U.S. Dollar
The bearish shark that completed a couple of days ago (see Related Ideas: "EURUSD: A Completed Shark Pattern + Explanation") has hit both TP1 and TP2 targets for a nice combined +264 pips. There is still a TP3 target available but personally, I do not think it will hit. Why? See my last post on this pair that shows a STRONG reversal area that is looming just above what would be the TP3 (61.8%) target (see Related Ideas section "UPDATE #1: EURUSD: Another Bullish Shark Is Waiting + Bull Bat").

Also, with the TP2 target hit, the Bullish 5-0 pattern is also complete so we may see prices go down a little bit more and then I will expect to see prices start moving back up maybe after some consolidation.
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thx for sharing..here is my view:

At the moment i see on the one hand the chance for a double bottom with basis 1,08. The target of this formation is 1,1425. -Above 1,1425 there is enough place to make a new high at 1,18. (orange counting)

On the other hand there is the strong momentum and dynamic of the longterm downtrend - we are trading at its trendchanels upper edge. This can perhaps be interpreated as a new anticyclical selling signal as long as we trade below this level.
-Below the last valid orange "3" at 1,08 a drop to 1,04 can be exspected
-below the last valid red "2" a longterm selloff can be exspected with target @ 0,92
EverythingForex marihuana-aktien
Always good to see different points of view. But your chart colors are HARD on the eyes! Can't see clearly.
+1 Reply
marihuana-aktien EverythingForex
thx :-) better?
your chart more useful to beginners like me to learn forex. so may thanks.
Your welcome. Good luck!
Jebanese EverythingForex
Once again I Thank you
Jebanese EverythingForex
If any new ideas. please tell me
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