EURUSD - 2 Scenarios

FX:EURUSD   Euro / U.S. Dollar
It is reasonable to say that this up move for the Euro             , for the moment is just a correction for the big down trend (on a daily chart ).
My scenarios would be the following:

1. The price will stop before 1.1300 and draw a Double Top (look at the 60 min chart). This scenario would also be sustained by the Daily chart with the Bat pattern emerging from the latest price action.
2. The second scenario is that the Double Bottom formed on the daily chart would actually send the price towards 1.1650, but for this I believe that Euro             needs some reinforcements.

My favorite is the first one, what do you think will happen?
Hello! Your first scenario didn't worked out. Let's see if the second scenario will do. Anyway, the measured move from the breakout of the neck of the double bottom is 1.1537.
Yes, the pair is still in a downtrend.
Razvan Zalmoxe
Yes, my favorite one...was invalidated fast.
i think same what is important now is the news after 25 minute, forecast is positive so will target 1.1300
+1 Reply
omar_bortolussi omar_bortolussi
ok this news not good for USD so euro more strong, i believe that sure 100%, but after 50 minute FED talk, so what can happen about that.
Razvan omar_bortolussi
Great call with 1.1300...it is in my PRZ area now...lets see what will happen
what u means......continuous trend 50%, correction 30%, change direction 20%
what u think in your mind i want know
omar_bortolussi omar_bortolussi
in my mind is 1.15 why 1.05 is double minimum if u extend is 1.15
Razvan omar_bortolussi
I think that 1.1500 is the next target for this week, unless big things will happen at the NFP
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