themarketzone

Testing X - Is it about to explode?

FX:EURUSD   Euro Fx/U.S. Dollar
$EURUSD continues to show strength today and the price is testing the X zone of the bearish Bat pattern I mentioned in my previous analysis (see linked idea).

The fact that the price bounced from 1.14, which was structure resistance , and right now it is above two rising Triangles patterns suggests that $EURUSD intends to continue higher towards the next resistance zone .

But.. this day isn't over yet.
A close below 1.14 could be a bearish signal on $EURUSD.

Bearish scenario:
With a stop loss above 1.148 you can take the last shot at shorting $EURUSD based on the Bat pattern .

Bullish scenario:
With stop loss below 1.138 you can perhaps bet on the breakout and the run towards 1.16 and 1.18

Tomer, The MarketZone
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Comment: Pattern was violated. If $EURUSD will drop below 1.145 again, it will create a False Break and reason to take another shot at this setup
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