EUR/USD: will the euro tame a dragon?

EUR/USD: will the euro tame a dragon?

Recommendation: BUY 1.167 SL 1.1615 TP 1.172 TP2 1.178 TP2 1.1815

On the daily chart of EUR/USD, bulls are for the second time trying to counterattack and trigger the reversal pattern a “Dragon”. To begin with, they need to lead the pair outside of the descending channel. Bears are still hoping for a realization of the AB=CD pattern.

EURUSD1.png 

On H1, EUR/USD keeps forming a widening wedge. A successful test of diagonal resistance near 1.1670 will allow bears to bring the pair to 78.6% target of the Gartley pattern.

EURUSD2.png

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EUR/USD: euro hung on Tenkan-Kijun

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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