Bearish Bias Intact

FX:EURUSD   Euro / U.S. Dollar
241 0
The bearish close and break of LT trendline on Monthly tf has
been followed by a correction and retest of that break out level,
i e 1,2780. Thus, technically, price could now proceed lower.
Currently on H4 chart we can see the forming of a Butterfly
with a completion point close to 1,23 (or 1,272 level at 1,2420)
Price has just close below the weekly PP and is now testing it
from below. A TL has also been broken, both which are signs
of exhaustion in this correction, to that added that the last high
missed the previous one. I don't regard harmonic patterns within
the XA range, because they are notoriously unreliable (thus
the potential Gartley is disregarded). Also ABCD patterns that
have B and D levels in close proximity are also less useful in my
book but the CD leg is marked in the chart with a red line from
the C level. All in all, downside is favoured, An upside rally
should be capped below 1,30.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Pine Wizards Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out