WE HAVE AN UPCOMING BULLISH DEEP CRAB AT 4H CHART!Hello traders,i hope you all had an amazing trading week.
Nobody can argue that we are watching a possible trend reversal(As i successfully predicted on my article below) on EURUSD pair especially after Draghi's speech and strong data from U.S.
And i am saying we have a POSSIBLE trend reversal because if we count the current downward move as far as Fibonacci retracements since the crazy upside rally of the EURUSD started we can see that this last bearish move is only a 38,2% Fibonacci retracement.
If this is indeed a trend reversal we should have our eyes on this Bullish Deep Crab pattern formation,let's see:
TECHNICALS OBSERVATIONS
1.Price is under the 200EMA so we are in a bearish environment and we are waiting further drop.
2.We have a repeating pattern of Head and Shoulders pattern and then break of the neckline.
3.We have the Fibonacci retracements levels from the begining of the upward rally which they coincide almost perfectly with previous price structure.
4.RSI level under 50 mark but not in the oversold area which implies further downside continuation.
5.Currently price is at a level of support but if this level breaks we have a high propability trade with the bullish Deep Crab pattern completion.
POSSIBLE LONG TRADE
ENTRY PRICE AT 1,1400
STOP LOSS AT 1,13140
FIRST TARGET T1 AT 1,15870
SECOND TARGET T2 AT 1,16885
THANKS FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
