EverythingForex

UPDATE #1: EURUSD: Bear Bat OR Bull Cypher + Adding Bull Crab

FX:EURUSD   Euro / U.S. Dollar
UPDATE #1: "Analysis: EURUSD: LT* Outlook + ST* Bear Bat OR Bullish Cypher"

In the previous post on this pair, I mentioned that if prices were to not complete the bearish Bat pattern abd trace down along the lines of the bullish cypher pattern, I would look to go LONG upon the completion of the bullish cypher looking to go with my LONG TERM analysis (see Related Ideas: "Analysis: EURUSD: LT* Outlook + ST* Bear Bat OR Bullish Cypher"). Well not so fast just yet......

Due to recent price action, a bull crab has now appeared that would fill BELOW the lower trend line of the ABCDE symmetrical triangle channel B wave by just a little bit. If prices were to stop and reverse at that point, the "Crab Completion Scenario" would still be intact.. However, if prices were to fill this bullish crab pattern and then reverse to hit target 1 and then head back down, then I would start looking more towards prices heading lower and completing the "Gartley Completion Scenario" per my LONG TERM analysis.

Just pay very close attention to the price action as prices come closer to completing the bullish cypher . I will still take LONG positions on the completion of the bullish cypher but will be extra cautious that prices will keep heading lower towards the bullish crab pattern.
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