There is a potential move to the downside on the 4 hourly time frame. This one looks pretty obvious to me with the Cypher pattern and trend break in the vicinity together with confluence on the pound. Many traders will put their stops in the same place so there is a possibility that the price may spike up a little past 1.07800 before falling back down therefore it...
Looks like a deep gartley pattern developing on the EURUSD 4H. The price seems to be headed for AB=CD pattern completion also. Consider a sell upon completion of both patterns with entry points, stops & targets as indicated.
Best of luck and have a good week!
An over extended Cypher pattern was created due to the news. The last hour retrace on Friday was mostly caused by traders closing out their positions before the weekend market close. There are two ways you could trade this while placing your stop just below support:
1. Take a long position upon the opening of the market.
2. Wait for a double bottom and take a...
Upon market open consider a long position on the USDCAD at around 1.25527. Justification: Completion of gartley pattern, price action double dip, RSI divergence and no major USD or CAD news expected tomorrow(23rd).
Good entry, good R:R, good luck!!