[UK Session] "Beauty Queen Pattern of Euro, Will it hit 1.16?
In my prevous posts this week I mentioned 1.1830, or 1.1830-1.1840 could be a crucial zone for euro,and today we found that price tested 1.1880 level then drop down to the zone again. May keeps ranging for a while to choose direction.
And there is an interesting chart of euro in 4H chart I name it as a beauty queen chart, actually a combination of some various patterns as below:
Crown: There is a H&S pattern near 1.2000 level, 230 pips height from 1.2090-1.1860, and ideal extion target to 1.1630 from 1.1860 the neckline level.
Eyes: Symmetrical price struture , with crucial resistance level at 1.1880, which also the 50% retracement from 1.2180 - 1.1660. Flat mva and nearly 0 macd historgram gives a hint that price may lose further momentum to going up, probably a reversal area for the rebound of euro.
Besides, according the three drive pattern, or u may regard as movement within a downside channel, the price tested 1.1880 then dropped down to the 1.1830-1.1840 zone, with the ultimate target at 1.16 level.
Thus pay attention to the PRZ near 1.16-1.1630, may become the crucial support zone in Q4.
But I'd like to hold short bias in a rather short time frame instead of long term, as FA factors actually boost the euro, or at least lessening its pressure to pluge like it did in 2014-2015, since the ECB has been tapering, more information will be released in October, for those who have short positions please watch out the potential huge rally later this month.
And there is an interesting chart of euro in 4H chart I name it as a beauty queen chart, actually a combination of some various patterns as below:
Crown: There is a H&S pattern near 1.2000 level, 230 pips height from 1.2090-1.1860, and ideal extion target to 1.1630 from 1.1860 the neckline level.
Eyes: Symmetrical price struture , with crucial resistance level at 1.1880, which also the 50% retracement from 1.2180 - 1.1660. Flat mva and nearly 0 macd historgram gives a hint that price may lose further momentum to going up, probably a reversal area for the rebound of euro.
Besides, according the three drive pattern, or u may regard as movement within a downside channel, the price tested 1.1880 then dropped down to the 1.1830-1.1840 zone, with the ultimate target at 1.16 level.
Thus pay attention to the PRZ near 1.16-1.1630, may become the crucial support zone in Q4.
But I'd like to hold short bias in a rather short time frame instead of long term, as FA factors actually boost the euro, or at least lessening its pressure to pluge like it did in 2014-2015, since the ECB has been tapering, more information will be released in October, for those who have short positions please watch out the potential huge rally later this month.
Trade active:
Heading to 1.17 with rebouncing usdollar
