Nico.Muselle
Long

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 ?
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Nico.Muselle AhmetKahilogullari
No, 1.272 and 1.618 are fibonacci extensions which are used to determine the completion of the different patterns.
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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
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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
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Hey Nico,

Just wanted to share my view on EUR, while EURUSD and EURCAD have been quite correlated, here is how I see it
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They might be correlating to some extent, but CAD is highly influenced by OIL prices as well while this is less so for USD ...
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thank you nico muselle
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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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