Food4Thought
Long

Major Harmonic Upside Targets

FX:EURUSD   Euro Fx/U.S. Dollar
230 0 1
Currently the CD leg of a larger harmonic is playing out. This particular pattern suggests price may terminate around the 0.886XA price region; in doing so, the harmonic will complete as a Bearish Bat.

Bearish Bat targets include point B as a medium depth target, extreme targets may be hunted below 1.2790

Failure to contain the EUR/USD             at the 0.886XA level will open up the possibility of a Bearish Crab Harmonic where I believe the EUR will run into its monthly descending trend line resistance; this setup will hold more impetus for a significant reversal, targeting extreme lows in the 1.2000 region, assuming there is no significant fundamental recovery to the EUR, and its relative valuation.

Ultimately these will be short trades but only at the marked levels associated with each patterns completion. Until then... long positions are favourable on pullbacks into noticeable fib/supply levels of medium term swings.

Bonne chance.
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