EUR/USD Potential Harmonic Unfolding Now

FX:EURUSD   Euro / U.S. Dollar
263 2 0
Current harmonic potentially unfolding, all target levels line up with current bounces.

This pattern reflects a deep retracement to support levels. Considering the rate cut and G7 weekend meetings this move is playing out presumably as funds and players cut longs. The intention will be to re-establish them at deep support levels assuming no negative factors arise over the weekend and short term future horizon.

It should be noted that this pattern is playing out as bearish right now but is bullish at the 1.618BC=CD level(today's low); and more importantly, at the max target levels located in the 1.2770/80 region if today's low is breached.

Ideal positions should be established after the weekend at these levels where bulls and shorts will commit to long positions.
CD leg is almost complete, the trade for the CD leg has been closed and focus will now shift to re-establishing longs for the true expected trade at point D to a conservative first target point B(1.3032).

I will be establishing longs at fib target points between the 1.27XA level and 2.618BC level. Risk should be adjusted to compensate for the 100 pips spread between the levels with small trades being initiated, and larger trades being established at the lower levels.

Discipline and excellent money management will prove vital to ensure this trade succeeds or limits losses to an absolute minimal.

Happy hunting.
Harmonic Transition Pattern failed to hold at the 1.618BC=CD.
New downside targets are being hunted as can be seen in the above chart, the next targets are located in the 1.2875/89 region. Failure of bullish intervention in that region will expose final targets beneath 1.2800.
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