EURUSD Potential Bearish Cypher Pattern

Let us make “fundamental summary”: There is nothing to change the bearish bias near term. Despite dovish FED, disappointing Eurozone figures, Brexit uncertainty and political turmoil ( now we have a new story: Spain ) add weight on the pair.

The pair needs to make Daily closing above 1.14200 to talk about a short term trend reversal. And the upside is capped by 1.15600.

Midterm, we will try to use all potential pullbacks as a selling opportunity.

Short term Overview:

The pair broke out the wedge pattern – limited targets – and headed north. Retesting of the broken wedge is in process. If the pair continues its short-term bullish run, a Bearish Cypher pattern would be completed on the H1 chart. And we will look for a short opportunity at D, 1.13250 – 1.1335.

Midterm Target 1.11500 - 1.11200