EURUSD, 3 reasons why it might reverse here ?

FX:EURUSD   Euro / U.S. Dollar
1718 15 14
After the steep decline yesterday I was wondering why this pair stopped where it did and I found 3 reasons for it.

- A bullish Gartley pattern
- A bullish Butterfly pattern where D is the 1.618 extension of AB
- A previous gap that can act as support

Furthermore, the Fib extensions for both patterns (1.272 for Gartley and 1.618 for Butterfly align nicely)

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I didn't understand. So EUR/USD will be 1,27 or 1,61 ?
Nico.Muselle AhmetKahilogullari
No, 1.272 and 1.618 are fibonacci extensions which are used to determine the completion of the different patterns.
Reversal was @ the 78.6 gartley level and the FB Reversal level of 112.8% at around 9 a.m. Today. Just touched the 1.414 level on the 5 minute charts and is pulling back
Nico.Muselle john.norcutt
If I draw in the .786 of the Gartley it's a bit lower and this was never reached imho. Mind sharing the chart ?
+1 Reply
Yes of course, I am talking about most recent correlation, where was EUR was driving
Hey Nico,

Just wanted to share my view on EUR, while EURUSD and EURCAD have been quite correlated, here is how I see it
They might be correlating to some extent, but CAD is highly influenced by OIL prices as well while this is less so for USD ...
thank you nico muselle
I concur with the Gartley. I am watching it as well: looks like price is going for a retest of the potential reversal zone.
+1 Reply
Nico.Muselle JasperForex
A retest of the PRZ would be a good signal to enter long, adding an additional reason to the list ! :)
+1 Reply
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