themarketzone
Long

With weekly false break to harmonic patterns - 1.1 next?

FX_IDC:EURUSD   Euro / U.S. 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

To read more interesting technical reviews - http://goo.gl/XFmdhN

To subscribe to the newsletters - http://goo.gl/HXjCPV
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out