EUR/JPY: euro is hunting sharks

EUR/JPY: euro is hunting sharks

Recommendation:

BUY 130.10

SL 129.55

TP1 130.90 TP2 132.00 TP3 133.40

On the daily chart, bulls counterattacked after EUR/JPY reached 161.8% target of AB=CD. They managed to return the pair inside the previous consolidation range of 129.15-132.15. If the pair moves to its middle, it will trigger a “Shark” pattern with 88.6% and 113% targets and “Shakeout-Fakeout” pattern.

EURJPY1.png 

On H1, if EUR/JPY rises above the upper border of the downtrend channel, it will increase the odds of the pair getting to 88.6% and 113% of the “Shark”.

EURJPY2.png

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EUR/USD found a double bottom

On the daily chart of EUR/USD, bulls are trying to form a double bottom with the help of a bar with the long lower shadow. Bears are still hoping to trigger AB=CD pattern with targets 127.2%, 161.8%, and 200%.

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