CapMoore

Still Bearish Bias on the Weekly Chart

FX:EURUSD   Euro / U.S. Dollar
104 0 0
Price closed within the consolidation triangle above
the D-level at 1,11.Since price has reached the D-level
prematurely and with a strong move, expectations still
leans towards an extended D-level before a deeper correction
will happen. Thus 1,03 is the next target of this harmonic
pattern. A close above the Median line and Yearly S1 will
signal the beginning of a deeper correction. A breakout below
previous low will likely take price to Yearly S2 around 1,0830.
The ultimate longer term target of this bearwave stands by
the lower pitchfork band and the 161 extension of ABCD around
0,93. Ofcourse Parity will be a significant Psyche level too.
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