EUR/USD: Bullish & Bearish Scenarios Exist
EUR/USD: standing are two potential scenarios:
1- Bullish: Inverted and shoulders as a reversal pattern with a break for 1.1410 bullish confirmation level where price should test 1.1510 ( existing resistance trend line ), with a break above it will test 1.1570 - 1.1610 - 1.1690 Fib levels.
2- Bearish: Where we are in wave four correction ABCDE as bearish continuation pattern. Confirmation is breaking 1.1300 - 1.1290 ( allowing market volatility ) where price should test 1.1140 - 1.1090 ( 1.27% and 1.41% extensions.
My opinion: Price action favors bearish momentum but I'd be cautious due to existing fundamentals and DXY intraday bearish momentum, but daily we are still in uptrend. If DXY breaks 97.20 then we have shifted bullish intraday.
Recommendations:
Short: Entry levels 1.1350 1.1374
SL 1.1420
TP 1.1140 - 1.1090
Confirmation: Breaking 1.1300 level
Long: Entry levels: 1.1350 1.1320
SL 1.1280
TP 1.1510 - 1.1570+/- 1.1610 - 1.1690+/-
1- Bullish: Inverted and shoulders as a reversal pattern with a break for 1.1410 bullish confirmation level where price should test 1.1510 ( existing resistance trend line ), with a break above it will test 1.1570 - 1.1610 - 1.1690 Fib levels.
2- Bearish: Where we are in wave four correction ABCDE as bearish continuation pattern. Confirmation is breaking 1.1300 - 1.1290 ( allowing market volatility ) where price should test 1.1140 - 1.1090 ( 1.27% and 1.41% extensions.
My opinion: Price action favors bearish momentum but I'd be cautious due to existing fundamentals and DXY intraday bearish momentum, but daily we are still in uptrend. If DXY breaks 97.20 then we have shifted bullish intraday.
Recommendations:
Short: Entry levels 1.1350 1.1374
SL 1.1420
TP 1.1140 - 1.1090
Confirmation: Breaking 1.1300 level
Long: Entry levels: 1.1350 1.1320
SL 1.1280
TP 1.1510 - 1.1570+/- 1.1610 - 1.1690+/-
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