CapMoore

Price Hitting Median Line of Pitchfork and ABCD 161 Extension

FX:EURUSD   Euro / U.S. Dollar
74 0 0
Intraday, price has reached the Median line of a pitchfork
starting from the multi year low in march. The lower band
was confirmed 21st and 23rd of April and the 3rd quartile
the 17th April. But the parabolic move, caused by worse than
expected numbers coming out of the USA, may continue
above Weekly R3, since the next resistance on the daily timeframe
is around 1,1450 (see previous chart). Also, the Daily Kumo
breakout was not confirmed, which adds the risk of a pullback
to test the cloud as support.
Note that price has respected the ABCD pattern extension
perfectly, by the touch of the 161 extension at 1,1185 and
a pullback to the 127 extension at 1,1075, which supported.
Now price is searching support by the Weekly R3 and the
161 extension. The 2,618 extension, which is the next important
extension, comes in at 1,1510, just above the daily resistance.
A strong NFP print may cause a sharp retracement of the
current rally, which could give an opportunity to long the pair
around daily Kumo Cloud support, which approximately
coincide with the D level of the ABCD .
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