DAVID_GIRALDO
Long

eurusd has a high probability of bulls breaking consolidation

FX:EURUSD   Euro/U.S. Dollar
307 2 6
looking at monthly charts of eurusd             i had seen a bat pattern very long ago that i had charted out but looking more into it i noticed another pattern, a perfect 61.8% ABCD pattern that the market has reacted very nicely to at the PRZ with oversold RSI and a break in the RSI bear trend on weekly time frames. RSI is showing bullish divergence at ABCD pattern completion. my views on eurusd             is that we will break this consolidation on eurusd             to the upside and hit both target of abcd . why so and why both? because the market has deffinetly responded greatly to the pattern with enough bullish signals to say it is very valid starting with the bullish engulfing at PRZ and we are hanging on a trendline support and a horizontal support which meet at the same spot making this a PRZ even stronger. why do i believe this trend will continue bullish and hit both targets? simple, wave analysis. if our 38.2% target gets hit we will extend over wave 1 , invalidating wave 4 and invalidating the bear trend that was started with the last 2 impulses. all in all, the way i see it, we will not be extending down to bat pattern PRZ as this would require the bear waves to be valid but i will leave it on the chart anyway. also i placed a classic 127 ext on sl but i do not believe we will break horizontal support. do you share the same views? please share what you see
I agree in principle and quite a few people on TV also agree that the Euro should be expected to reach 1.20 to 1.30 but the challenge is that the ECB do everything they can to keep it low. So then you are fighting against what a central bank wants.... and what a central bank wants they generally get :)
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DAVID_GIRALDO CFDTradingo
i will call it a short if it breaks horizontal support. until then this has to break somewhere and i believe it will be to the upside. i am about to run further analysis on the pair and see what lower tf tell me
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