EUR/USD – Offers a downside bias in three timeframes
|Breaking down the timeframes
Background: The Euro is under pressure this morning after poor IFO results from Germany and President Lagarde’s speech
Let us look at the technical side
EURUSD daily – looks to have completed a short 5-wave pattern at the 2.24% extension of 1.2318 (Elioot Wave). This would dictate that we see a sustained move lower in three waves (AB=CD)
EURUSD eight hours – possible bearish Head and Shoulders pattern. A break of support at 1.2050 and the measured move target is at 1.1759. This lines up with the 78.6% pullback of the last rally. It would also complete a three-wave correction
EURUSD four hours- formed a bearish Gartley pattern at 1.2186. Rallies are likely to find sellers
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.