Now that EURUSD finally climbed and closed above 1.1 it is safer to say that it is probably heading towards 1.14 to complete to harmonic trading patterns - Bearish Butterfly and bearish Bat.
As long as the price remains above 1.11, which is the 50 SMA line level, the price could continue rallying towards 1.14 without any major interference. 1.12 is the only resistance zone standing between the current price level and 1.135-1.14 (the PRZ)
If the price will drop below 1.11, it will test the strength of the 1.1 support zone that should be strong enough to send EURUSD higher, perhaps to complete the bearish patterns.
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I actually want to short in that area, so hopefully we validate these patterns. My stop would be at 1.145.
themarketzone
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You mean near 1.14? Yea looks like a good setup there
IvanLabrie
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Between 1.125-1.14, yes.
Anything below 1.145 is a heavy short for me, aiming for 1.011-0.88.
I'm short gold and crude already, and both will come down hard, and eur with them. It's a matter of time.