EURUSD Consolidation and Bearish Continuation
EURUSD broke the 1.16270 support and the next target of the pair is 1.15300.
On the smaller chart timeframes we have a Bullish A Gartley and Bullish Cypher patterns indicating a minor retracement. Only the Cypher Pattern has been drawn on the chart to make much simple.( Blue Triangles on the chart ).
Area of the the entry of those patterns matches eachother at 1.15700 – 1.15400. The pair has already made a retracement of 50 pips at 1.15700.
1.16270 is the key resistance level and the pair is likely to continue its bearish move as RSI has much more downside potential on the daily chart.
We might see a consolidation between 1.15300 – 1.16200 however the bearish pressure will continue as long as the pair holds below 1.16200.
The breakout of the 1.15300 support will trigger the bearish move and the first major target of the pair will be 1.14740.
A major retracement may occour at 1.14000 as we have a potential Bullish Cypher harmonic pattern formation.
As a conclusion, we keep our bearish bias and focus on 1.15300 breakout.
Shorter term trade opportunites will be published for the members.
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EURUSD : Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.