EUR/USD: will the euro fall?

EUR/USD: will the euro fall?

Recommendation:

BUY 1.1535

SL 1.148

TP1 1.163 TP2 1.166 TP3 1.169

On the daily chart, EUR/USD keeps consolidating in the 1.1510-1.1780 range in line with the “Spike and ledge” pattern on the basis of 1-2-3. A break of its lower border will trigger AB=CD pattern with a target of 200%. On the other hand, a successful test of resistance at 1.1760 will give bulls hope for the resumption of the uptrend.

EUR1.png 

On H1, there’s a transformation of a “Broadening wedge”. After reaching the 88.6% target of a “Shark”, there’s a big probability of a pullback towards 23.6%, 38.2% and 50% of the wave CD as the pattern is transforming into 5-0.

EUR2.png

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