EUR/USD got scared of a Crab

EUR/USD got scared of a Crab

Recommendation:

SELL 1.2250

SL 1.2305

TP1 1.2150 TP2 1.2080 TP3 1.1960

On the daily chart, EUR/USD keeps forming a «Widening wedge”. The inability of bulls to hold to 1.2307-1.2320 will point at their weakness and open the way down towards 127.2% target of AB=CD.

EUR1.png 

On H1, EUR/USD bears are ready to test the support at 1.2275. Success will allow them to trigger the “Crab” pattern with a target at 161.8%. Conservative approach means selling at 23.6% of the wave 4-5 of the widening wedge pattern.

EUR2.png

eur

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Narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with the falling lines

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