Nico.Muselle

EURUSD - AB=CD pattern into April lows ? TCtrade

Short
Nico.Muselle Updated   
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

Check out my FREE indicator scripts:
www.tradingview.com/u/Nico.Muselle/

Twitter: twitter.com/NicoMuselle
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.