themarketzone

Bat completion near important resistance zone

FX:EURUSD   Euro / U.S. Dollar
$EURUSD broke out last week from a 2 months consolidation zone – 1.08-1.1 ( Bull Flag )
Now, $EURUSD is above 1.1 and above its 200 days MA.
The nearest support zone , 1.115 will be tested when the market will open. It is a structure zone that played a supporting role during August-September last year and also during May and June.

The final target of $EURUSD's breakout was and remained the completion of a bearish Bat pattern near 1.14.
It will also be the zone in which the price will re-test $EURUSD's weekly trading range top (weekly range – 1.05-1.14) and the uptrend line that was broken during November 2015.
$EURUSD is heading towards a strong sell zone near 1.14. That should be the zone to focus on if you are looking for bearish opportunities in this pair. Meanwhile, as long as the price remains above 1.1, the direction to focus on remains bullish and short term pullbacks to minor support zones can be considered as buying opportunities.

This analysis is part of the Weekly Markets Analysis newsletters
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Comment: Bearish Pattern completed - Position up 100 pips since entry
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