EUR/USD: euro is on the edge

EUR/USD: euro is on the edge

Recommendation:

SELL 1.1625

SL 1.168

TP1 1.1525 TP2 1.14 TP3 1.1295

On the daily chart of EUR/USD, bears counterattacked and are ready to renew May low. In this case, the pair will trigger the junior AB=CD pattern with targets at 127.2%, 161.8% and 200% and the senior “Shark” pattern with a target of 88.6%.

EURUSD1.png 

On H1, EUR/USD is near the convergence area (88.6% target of a “Shark”). This increases the risks of a pullback towards 23.6%, 38.2% и 50% of the wave CD. Use the correction for selling.

EURUSD2.png

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