FX:EURUSD   Euro / U.S. Dollar
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Two pattern completions ABCD has occured around
current price level (see previous chart posted). This
points to that IF a correction comes next week it may not
be the reversal, since several larger Pattern Completions
are still untraded (red horizontal lines here). A weekly
piercing line on Monthly R1, may also point to a
correction. However, MACD has turned bullish and
even if Bearish Divergence is visible AND the CD
legs in the larger patterns are much less steep
(pointing to exhaustion) there is also some Hidden
Bullish Divergence (green line). Also, P has broken
out of Long Term TL , which is also significant. Thus
the picture is not entirely clear. Some geopolitical event
may boost price right up to complete one or more of
the larger Patterns before any downward move. 6 con-
sequtive weeks with bullish close also increase the
likelihood for a correction. Still, to summarize, the picture
is bullish , and several large ABCD patterns remains un-
completed, which suggest to buy a correction for further
upward move.
Price made a failed run to complete a ABCD at 1,4080 and has returned to the long term TL (slightly off in this chart) and is finding support there as I write this around 1,3750.
Looking for pattern completion this is a good time to long the EurUsd, yet PA is showing increasing weakness, also due to Draghi comments with implicit hints and threats of putting a lid on
the Eur at these levels. Still from pure market mechanics and technicals, chances are still there for more upside action, looking at the weekly chart.
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