themarketzone

Reached target zone. What's next

FX:EURUSD   Euro Fx/U.S. Dollar
$EURUSD finally reached my target zone - 1.14 - very close to completion of bearish Bat pattern
200 pips winner for those who entered near 1.12 as previous setup suggested.

The next potential target level, longer term target, for $EURUSD is 1.18 ( bearish Crab )
But..
The blue Bat can create some pullback, and beside that, 1.14 is a strong resistance zone that won't be an easy task to overcome.
Potential pullback targets: 1.125, 1.12.
Stop loss required > 1.145

I'd stay in...maybe short the pullback but you might miss out on a giant rally.
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In these cases I usually keep partial position open and try trading the pullback with smaller position sizes. I'm still bullish
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IvanLabrie PRO themarketzone
Excellent, right, the larger pattern is still pending. My target is 1.21397, maybe we can short that top ;)
+1 Reply
Hi, I think is possible before going up to 1.16 it would go down to 1.129/1.13 area. I think also that It will go up to 1.16 area but not so fast as many think, which is next week. Trend is upward. I think some profit can be made early next week in short position but go long at 1.130
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Perhaps.. I do see a potential pullback. Regarding the strength of the potential rally.. It won't be a fast one.
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Hej , could you please define structure support and resistance?
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Sure.. horizontal price ranges (zones) that the price reacted to in the past. Like simple support and resistance? I use zones instead. Here's an example from $GE - Major structure support near 23.5$ and major structure resistance near 27.5$ defines $GE trading range (perhaps breakout today?)
snapshot
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Seems like the bat might work.
But as far as targets, I'd say maybe retest B point but not lower.
I know I'll go long there if offered.
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