As previously explained i am not a big fan of harmonics, because of the many levels that are needed to be reached before a harmonic pattern is complete. The levels should also match the price action of strong support and resistance zones. And i see it very rarely that levels match the price action of strong support and resistance zones.
I use Harmonic in this pair because if you look to the left you can see some strong support and resistance zones, that are in harmony with the harmonic levels of fibonacci.
SO BACK TO THE PRICE CHART..
we could either see an great risk/reward trade on the longer term. or we could see the price move further down and test the previously NSL and making it a double bottom before moving up again to the 1,09641 and making a new structural high.
If you like to take this to "ANOTHER LEVEL" you could make an second profit target at the 1,11346 area.
if you trade on a smaller timeframe you could use this as a idea to see where the price is headed
I use Harmonic in this pair because if you look to the left you can see some strong support and resistance zones, that are in harmony with the harmonic levels of fibonacci.
SO BACK TO THE PRICE CHART..
we could either see an great risk/reward trade on the longer term. or we could see the price move further down and test the previously NSL and making it a double bottom before moving up again to the 1,09641 and making a new structural high.
If you like to take this to "ANOTHER LEVEL" you could make an second profit target at the 1,11346 area.
if you trade on a smaller timeframe you could use this as a idea to see where the price is headed
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.