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BeerTrend

EURUSD Weekly diamond, daily SHS

Long
Euro / U.S. Dollar (FX:EURUSD)  
BeerTrend Updated   
FX:EURUSD   Euro / U.S. Dollar
Harmonic Patterns Trend Analysis EURUSD
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harmonicpatterns trendanalysis eurusd
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 might be a consolidation for several weeks before we can long again.
Comment:
Top of the diamond pattern reached yesterday. I have closed all my longs at 1.125. The elliot waves show that the upmove has finished.
Now we can expect a consolidation to are 1.10-1.11, this is the area where i will rebuy.
snapshot
Comment:
Wait to finish Wave 4 to long again. C wave about to start with a huge fall to around 1.08-1.12, this is the place where i would look for longs
snapshot
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