The pattern has been confirmed - congratulations on those of you that remained patient while the Market figured out what it needed to do. It was getting dangerously close to nullifying the for no other reason than being stagnant (Remember Chart Patterns actually need to look good, if you have to fit a pattern and it looks super goofy chances are it's not a good idea to base your hard earned money off of it). I remember thinking last week, well it needs to basically drop below 1.17 in the next 24 hours or this will never happen. It did just that.
I am short on EURUSD Now.
Significant Support should be expected around 1.13 area - Our measured objective for the reversal pattern is roughly 400 pips. This puts us just under 1.13 but if we look back over the last several months we see some natural congestion in the area.
Trade Safe and Let's earn those pips! (and money)
Traders are positioning - Short on EURUSD still looks incredibly likely.