ICmarkets
Long

Potential Gartley pattern forming on the Eur with confluence...

FX:EURUSD   Euro / U.S. Dollar
504 0 7
The impact of yesterday’s highly anticipated Fed decision saw the Fed Funds Rate increased by 25 basis points, which sent the U.S dollar higher across the board. The impact of the Fed’s action was relatively modest on the EUR/USD             , as price only managed to touch base with H4 demand coming in at 1.0879-1.0899, following a rather vicious spike north towards psychological resistance 1.1000.

Considering the location of current price, there appears to be a potential H4 bullish Gartley pattern forming, which terminates very nicely around the mid-level support 1.0850. Not only is this pattern’s completion point bolstered by a weekly range demand at 1.0519-1.0798, it is also supported by a combined daily demand/swap support area at 1.0796-1.0870.

Given the above, we are looking for the current H4 demand to be consumed today, and prices drive lower to connect with the above said area of confluence. Personally, we are not looking for a ‘to-the-pip’ touch here as this market could very easily fake lower (within the pink circle). Therefore, our plan of attack will be on looking for lower timeframe buy entries within this area.
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