themarketzone

Using pullbacks to sell Euro towards pattern completion

FX:EURUSD   Euro / U.S. Dollar
EURUSD             suffered a blow last week following Draghi's statements that the ECB consider more stimulus actions to boos economy.
Last week's close below 1.08 signaled that EURUSD             is probably heading towards 1.07 or 1.06 to re-test structure support and Gartley completion (see chart)

As long as EURUSD's price is below 1.1, I would use pullback moves towards resistance levels to try and short EURUSD             towards Gartley completion - 1.08-1.085 and 1.095-1.1 are interesting resistance zones to look for weakness signals.

A close above 1.1 will violate the Gartley scenario and lead EURUSD             probably towards 1.13-1.14 to re-test structure and broken uptrend line

Tomer, The MarketZone
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