As mentioned in the previous analysis the pair have formed a bearish pattern on the Monthly timeframe. Looking at the 2H chart we can see that the price failed to break the resistance level and formed a rejection wick. Therefore we can immediately look for shorts positions. The first take profit will be the 50 retracement level ( which is perfectly aligned with a...
As mentioned in the previous analysis the pair is approaching to the formation of a bullish pattern. In the meantime, looking at the 2H chart, we can see that the price is below the 200 SMA. In this case we can wait the formation of a new LH an the price to retracing on Fibs levels before to take any short positions.
The price has posted in the previous idea have formed a bearish pattern on the bigger time frame. Looking at the 2hours chart we can see that the price have stopped out on the small support area. For short entry we will wait for a retracement to the Fibs levels ( with the possibility of an H&S pattern formation) as well we will wait for the formation of a lower high.
The EURUSD have formed and harmonic pattern on the monthly chart. We can look for short position entry on the retracement in the lower time frames.
As well the price shows rejection points on the 200 SMA.
Target will be 1.3410.