Recommendations: BUY 1…
EUR/USD: bears are out of their lair
TP1 1.2185 TP2 1.2090 TP3 1.1965
On the daily chart of EUR/USD, there’s a “Widening wedge” pattern. The inability of bulls to return the pair inside the uptrend channel pointed at their weakness and increase the risks of correction towards convergence area of 1.2055-1.2090 and 1.1935-1.1965.
On H1, EUR/USD keeps forming a “Widening wedge”. Pullbacks towards 61.8% and 50% of the wave 4-5 allowed to form short positions. To develop correction in that direction, at least to 88.6% target of the “Shark” pattern, the pair needs to break below support at 1.2295.
Recommendation: BUY 0…
Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel of Tenkan-Kijun; the market is breaking out the resistance of Tenkan-sen and Kijun-sen.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.