EUR/USD: euro wants to surf

EUR/USD: euro wants to surf

Recommendation:

BUY 1.1745

SL 1.1690

TP1 1.1845 TP2 1.1935 TP3 1.2065

On the daily chart, EUR/USD reached support at 1.1667. If it falls below it, the risks of triggering the “Shark” pattern with target at 88.6% will increase. On the other hand, a rebound and the reaching of 88.6% target of the “Bat” will create grounds for correction to 23.6%, 38.2% and 50% of the wave CD.

EUR1.png 

On H1 of EUR/USD, bulls want to trigger “Wolfe waves” pattern with a target at the line 1-4. At the same time, if the pair doesn’t leave the downtrend channel, their plans will fail.  

EUR2.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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