FX:EURUSD   Euro Fx/U.S. Dollar
544 2 7
This topic I mainly discuss about TA.

The left chart is WEEKLY CHART of EURUSD             .

On the chart, I see Head and Shoulder Pattern clearly.

then, I see a very strong trendline: I can say this is the main bullish trend line of EURUSD             .

Price now stops at 23.6% Fib retracement: This is a typical level of correction, any break through this key support, could open the door for next Fib level : 38.2%

With RSI indicator: I see RSI stops at strong RSI support: This is long term support, any break below this support, further loss is waiting EURUSD             .

On the right chart is DAILY CHART of EURUSD             .

I see an exact Harmonic Crab Pattern: The result of bullish crab pattern is to bounce back from key support.

And two doji Stars : BUY SIGNAL

Hence, EURUSD             reaches many critical points .

The problem on the table now is:Whether ot not It will break those support ?

If EURUSD             crosses through those critical supports, we unhesitatingly SELL EURUSD             to next support at 1.33

Indeed, I am not sure about next move of EURUSD             . Theoretically, according to TA, we should BUY EURUSD             , but with very dovish bias of ECB and negative EZ economic data recent weeks, we must be careful. investors could kick EURUSD             lower.

However, we should know that USdollar             is very vulnarable because of unclear stance of FED, we don't know when FED hikes rate in the first time. With no specific timeframe for first rate hike, USdollar             is still under pressure.

In my opinion, I choose to wait.

IF EURUSD             breaks through those critical supports, I will SHORT EURUSD             to 1.33

IF EURUSD             bounces back, I will LONG EURUSD             to 1.35833

Next week, key data decides the move of EURUSD             is US CPI             on Tuesday.

IF CPI             is positive, I SHORT EURUSD             .

IF CPI             is negative, I LONG EURUSD             .

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tntsunrise TOP
2 years ago
whats is your definition of crab pattern? i dun see any fibo ratio here
Sforex PRO tntsunrise
2 years ago
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