CapMoore

Critical level after Pattern Completion

FX:EURUSD   Euro Fx/U.S. Dollar
136 1 6
Price has completed an AB=CD pattern starting feb 3, from
1,3470 area. However, note that the larger Daily AB=CD
has completion point at 1,4077, thus some add. risk for
short entry. How MACD developes is critical, as it now is
showing Bearish Divergence but has not signalled bearish
yet. Red line mark ST             Res. that may become support or
a close below can signal start of correction AND put the
AB=CD pattern in play. A more natural PA from here would
be a spike up towards Weekly R1 and the Channel roof around
1,3960. A piercing line candle with long wick and small body
could be used for short entry, perhaps after a Key Reversal.
A Break Out from this level could accelerate upward move
towards 1,4045/1,4077. Target of ABCD comes in at
61,8 of whole pattern around 1,3760 but the Mini target
is (61,8 of CD) at 1,3825
Good Analysis. Agree with you here
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