EUR/USD: consolidation under Moving Averages
The price is going to achieve the nearest resistance at 1.1413 soon. A pullback from this level could turn out...
Will EUR/USD get down?
Recommendation:
SELL 1.2245
SL 1.2300
TP1 1.2095 TP2 1.2050 TP3 1.1965
On the daily chart, EUR/USD may form a unique chart pattern: a wedge inside a wedge. Point 5 of the junior pattern “Widening wedge” corresponds to 23.6% of the senior pattern’s wave 4-5. This creates a powerful entry point on the break of support at 1.2245-1.2250.
On H1 of EUR/USD, there’s a combination of “Spike and ledge” and “Widening wedge”. A break of the lower border of the consolidation range 1.2245-1.2445 will increase the possibility of a “Gartley” pattern.
Ivan Karamazov
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