Trader-VincentH

[UK Session] "Beauty Queen Pattern of Euro, Will it hit 1.16?

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FX:EURUSD   欧元/美元
In my prevous posts this week I mentioned 1.1830, or 1.1830-1.1840 could be a crucial zone for euro ,and today we found that price tested 1.1880 level then drop down to the zone again. May keeps ranging for a while to choose direction.


And there is an interesting chart of euro in 4H chart I name it as a beauty queen chart, actually a combination of some various patterns as below:
Crown: There is a H&S pattern near 1.2000 level, 230 pips height from 1.2090-1.1860, and ideal extion target to 1.1630 from 1.1860 the neckline level.
Eyes: Symmetrical price struture , with crucial resistance level at 1.1880, which also the 50% retracement from 1.2180 - 1.1660. Flat mva and nearly 0 macd historgram gives a hint that price may lose further momentum to going up, probably a reversal area for the rebound of euro .

Besides, according the three drive pattern, or u may regard as movement within a downside channel, the price tested 1.1880 then dropped down to the 1.1830-1.1840 zone, with the ultimate target at 1.16 level.

Thus pay attention to the PRZ near 1.16-1.1630, may become the crucial support zone in Q4.

But I'd like to hold short bias in a rather short time frame instead of long term, as FA factors actually boost the euro , or at least lessening its pressure to pluge like it did in 2014-2015, since the ECB has been tapering, more information will be released in October, for those who have short positions please watch out the potential huge rally later this month.
交易开始: Heading to 1.17 with rebouncing usdollar

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