themarketzone
Long

With weekly false break to harmonic patterns - 1.1 next?

FX_IDC:EURUSD   EURO / US DOLLAR
$EURUSD's summer rally ended up with a weekly False Break to the 1.14 resistance zone and to the two harmonic patterns I mentioned in my previous analysis.

The price already reached first target zone of the bearish Bat and bearish Butterfly and the price could continue lower towards 1.11 and 1.1

The price is still above the Fast SMA line and we can see some short term pullback towards 1.13 and the 200 SMA line - That's possible short term bullish setup for the coming week..
but eventually, as long as the price remains below the 200 SMA line, it could reach the daily uptrend line and the major support zone near 1.1 which will be a very interesting buying zone that could lead $EURUSD to a real breakout of 1.14 and to the longer term correction move I'm anticipating from this currency pair.

A breakdown of the 1.1 support zone could be devastating to $EURUSD and may hint that it is heading towards 1.0.

This analysis is part of the Weekly Markets Analysis newsletters

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Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
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