Daily Study favours Downward Continuation

FX:EURUSD   Euro / U.S. Dollar
211 0 2
Price has proceeded slower in the CD than in the AB leg
and is now consolidating between the 61,8 and 76,4
extension. Notice the perfect movement of price within
the inner two Pitchfork Channels. Here price is struggling
to close above the median line . Also notice that price has
completed the slightly imbalanced Double Top , but hasn't
bounced significantly from the target level at 1,3380.
All in all, chances are that further losses will come with
a possible completion of the ABCD at 1,3215. If price close
above the Median line , look for resistance at the 2nd (green)
quartile. 1, 3515 is the Horizontal Resistance and the
Yearly PP /Monthly PP at 1,3470-85. Major Support
below the D is the 1,272 extension (and 2nd target of
Double Top ) at 1,3080 AND the Yearly PS1 at 1,3050.
A sound strategy is to enter short on a bounce around the
Yearly/Monthly PP.
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