Nico.Muselle
Long

EURUSD, 3 reasons why it might reverse here ?

FX:EURUSD   Euro Fx/U.S. Dollar
1714 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)

You mean to say .. is Euro going to correct itself ???
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Nico.Muselle MOD suraj.bluemoon
What I mean is, that we might see a retracement, a little upside from this point.
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suraj.bluemoon Nico.Muselle
Good news came in with the French Consumer spending and Spanish HICP levels turning positive for Euro..
Waiting Euro to bounce back ..!! ;)
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Nico.Muselle MOD suraj.bluemoon
Now the question is only how the market will react to it ... that's something we can only try to anticipate or react to.
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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.
snapshot
+1 Reply
A retest of the PRZ would be a good signal to enter long, adding an additional reason to the list ! :)
+1 Reply
TradeYodha PRO JasperForex
I have been watching it too. There may be 2 shorting zones now
#EURUSD Short Idea (structure, 200sma, gartley pattern)
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thank you nico muselle
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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
EURCAD RALLY DOWN JUST BEGINS
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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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Yes of course, I am talking about most recent correlation, where was EUR was driving
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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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If I draw in the .786 of the Gartley it's a bit lower and this was never reached imho. Mind sharing the chart ?
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I didn't understand. So EUR/USD will be 1,27 or 1,61 ?
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Nico.Muselle MOD 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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