EUR/USD: euro is catching a crab

EUR/USD: euro is catching a crab


SELL 1.1755

SL 1.1810

TP 1.1640 TP2 1.1600 TP3 1.1550

On the daily chart, EUR/USD bears managed to lead the pair outside of the uptrend channel and conquer support at 1.1820. If the bulls’ fortress near 1.1757 fails under their attack, the odds of getting to 127.2% and 161.8% targets of the “Crab” pattern will increase.


On H1, a break below support at 1.1758-1.1759 will created grounds for triggering the “Shark” pattern. Its 88.6% target is near 1.1600. On the other hand, the pullback from an important level will lead to consolidation in the 1.1750-1.1950 area.




EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 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…

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