I have identified a Pattern in the making. I was taking a look at a 30 minute Pattern that JasperForex had posted (great idea might I add). I decided to look at a higher time frame to see what potential can be found.
I identified this Pattern along with a . Here is what makes me think we can have a break in the .
The has a 0.886 completion that matches structure (green dashed line) and there is a Fib ratio confluence (1.414 AB and 1.618 BC ). This makes my PRZ (the purple red ) where I believe the pair will then reverse.
The targets I set are based on the 0.382 and 0.618 retracements from target to C point. The first target is not set to the 0.382 perfectly because of structure (blue dashed line). This was a level for which the pair did touch and reverse. The second target is actually quite wonderful. It is based on the and another structural level (orange dashed line). Coincidentally (didn't know this until I drew in the ), it would imply a retest of the resistance (then support) of the .
Basically, we could see the pair break the , reach pattern completion, retrace down to retest the resistance (then support) and continue to the pattern target (height of the ).
Trade wisely, Trade responsibly.