EUR/USD has somewhat a bull bat pattern.
However, the point C did not touch the 61.8% retracement level.
Nevertheless, it is still a valid pattern to trade on, especially when the 127% Fibonacci expansion and 88.6% Fibonacci retracement coincides.
But before the price could hit the D, there is support where the 100% Fibonacci expansion and 78.6% Fibonacci retracement coincides. In my personal view, coupled with an indicator, this support might not hold. I can be wrong too.
Since the bat pattern is not really a perfect pattern, I might wait for the price to come into my green daily support zone instead.
Below is the chart showing a strong support on daily chart of EUR/USD which could might cause the bat pattern to fail.
No comments:
Post a Comment