Nico.Muselle
Short

EURUSD - AB=CD pattern into April lows ? TCtrade

FX:EURUSD   Euro / U.S. Dollar
The down trend on EURUSD             has not come to an end yet. We broke through support this week which now acts as resistance (look at point C). Furthermore the pair is following a nice downward channel .
We also have a 38.2% retracement of the previous move down, which is usually an indication of a trend continuation. If we see an equal move down (and form an AB=CD pattern) we might end up closely to the April 2015 lows around 1.0550s, aligning nicely with the 161.8% extension of the AB move.

Edit : forgot to define entry, SL and target :

Entry : limit order 1.0657
SL : 1.0710
Target : 1.0560

RR Ratio : 2:1
Trade closed: stop reached
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