Good afternoon fellow traders. We have just finished wave "d" from abcde at 1805. The next is wave "e" which can go as deep as 1620.
Harmonic butterfly also completed at 1.618, so there is a good chance of a fall.
please take a look at TP points. For SL i would place around 1825.
EURUSD has broke out from SHS pattern shown on the chart. Target for the breakout is around 1.125-1.127.
This level is significat for many reasons:
- harmonic butterfly completing
- weekly diamond pattern resistance
- and as mentioned above SHS pattern target
My view is, that the diamond will break up, but not just yet. After the above mentioned level there...
I dont see any fundamental reasons for GBPUSD to break the yearly high, but technically it is possible.
We jsut broke out of descending wedge (Wave C) and could be developing a Wave 3 which points above the yearly highs.