EUR/USD wandered in bears’ lair

EUR/USD wandered in bears’ lair

Recommendation:

SELL 1.167 SL 1.1725 TP1 1.155 TP2 144

SELL 1.1695 SL 1.175 TP1 1.155 TP2 1.144

On the daily chart, EUR/USD formed a 5-0 pattern: after a pullback towards 50% of the wave CD of the “Shark” pattern, the pair declined. Correction towards 200% target of AB=CD will likely continue.

EUR1.png 

On H1, EUR/USD formed a «Widening wedge” and almost reached 127.2% target of the ideal butterfly pattern. Pullbacks towards 1.1670 and 1.1695 may be used for selling.

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%.

EUR/USD: euro corrected to Cloud

Bearish Ichimoku Cloud, but horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with narrow channel Tenkan-Kijun.

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USD/JPY: dollar is overbought

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen; Dollar is going to positive area, but the market is overbought now.

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