Nobody can argue that we are watching a possible trend reversal(As i successfully predicted on my article below) on EURUSD pair especially after Draghi's speech and strong data from U.S.
And i am saying we have a POSSIBLE trend reversal because if we count the current downward move as far as Fibonacci retracements since the crazy upside rally of the EURUSD started we can see that this last move is only a 38,2% .
If this is indeed a trend reversal we should have our eyes on this pattern formation,let's see:
1.Price is under the 200EMA so we are in a environment and we are waiting further drop.
2.We have a repeating pattern of pattern and then break of the neckline.
3.We have the Fibonacci retracements levels from the begining of the upward rally which they coincide almost perfectly with previous price structure.
4. level under 50 mark but not in the oversold area which implies further downside continuation.
5.Currently price is at a level of support but if this level breaks we have a high propability trade with the pattern completion.
POSSIBLE LONG TRADE
ENTRY PRICE AT 1,1400
STOP LOSS AT 1,13140
FIRST TARGET T1 AT 1,15870
SECOND TARGET T2 AT 1,16885
THANKS FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!