Using pullbacks to sell Euro towards pattern completion
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
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/attDlU
To subscribe to the newsletters - goo.gl/JfOLoR
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
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/attDlU
To subscribe to the newsletters - goo.gl/JfOLoR
