I've spotted this bullish bat pattern on the 30M which tells me that the euro is preparing to rebounce after this correction down and I think the blue line up there will be broken. Looking to the potential of this pattern I can say that there is space here for the price to move but I should not enter a trade now if you look to go long or short.
On the Daily...
As I predicted we the price hit inside of the box. It may possibly continue to hit the top of the box or pin above. The price can also change direction from here. Anyway I think that this euphory will end soon. And the price will probably go down to hit inside of the lower red box before the next rise.
This is just my analyse for today and until friday
Price is struggling in this zone to go higher or just break down. Actually I see this:
If price break the blue/teal trend line upward, euro will need to break also above the green box and hold above it to have a chance to go higher.
Looking to the indicators there is a chance to see the price retrace down...
I saw this opportunity.
I had a bearish ABCD pattern on 1H wich is almost complete. If not then it should be complete quickly. A bit depending from one chart to another.
On the weekly I have a valid bullish ABCD pattern. Of course I will trade a dangerous reversal while this market is bearish since a long time but the risk/reward is very good.
I have also some...
We hit the 0.786 fibo retracement and saw price action to the upside.
Macd is crossing over.
Conclusion: price may start to push back up for a while.
Positive point: we know that 0.786 and 0.886 is a strong place to see reversals.
Negatif point: we did not hit the 0.886 of the fibo.