Being correlated, I took the on the USDCHF and not the EURUSD to avoid "double risking".
I got stopped out and decided to watch the bigger TF for where EURUSD could go to.
This is what I spotted.
completes at 1.12.
This is easily a 300 pips move from the current market price
I will look to go short on EURUSD if it completes the PRZ between 1.1990 to 1.1210.
Trade will only be execute when I see the price rejecting the PRZ either via a or a reversal.
For additional confirmation,you can look for divergence when the pattern completes.
This trade WILL NOT be valid if
1) Price does not react at PRZ and actually breaks convincigly above it
2) Price turns down before completing PRZ
Textbook rule for SL and TP are drawn with the red and green on the chart.
SL = 15 pips above XC 1.13
TP: Fib of CD
In the lower timeframe, price has bounced off the channel lows with RSI bullish divergence and a little RSI Bamm.
We could see EURUSD resuming its upwards climb today.