EUR-USD PAIR IS GIVING MULTIPLE SIGNS OF RETRACEMENTS UPTO 1.1637 (ACCORDING TO DAILY CHART).
1) PAIR HAS FORMED BULLISH FLAG PATTERN ON DAILY CHART, WHICH HAS ACHIEVED IT'S EQUAL MEASURED MOVE TARGET AS PER FLAG PATTERN.
2) AB=CD PATTERN HAS ALSO COMPLETED IT'S JOURNEY UP TO "D" EXTENSION, WHICH SUGGESTS THAT PAIR MAY RETRACE UP TO 1.1637 (SAME MEASURED MOVE OF "B" TO "C" RETRACEMENT) AS PER AB=CD MOVEMENT.
3) 0.382 RETRACEMENT OF "C" TO "D" EXTENSION ALSO ALIGNS WITH EQUAL MEASURED MOVE DISCUSSED IN ABOVE POINT NO. 2, WHICH ADDS TO THE CONFIRMATION (DAILY CHART).
4) DOUBLE TOP FORMATION ON 06-AUGUST-2020, WHICH GOT FOLLOW THROUGH (CONFIRMATION) WITH 3 BAR REVERSAL ON NEXT DAY (07-AUGUST-2020).
5) RSI BEARISH DIVERGENCE AROUND DOUBLE TOP FORMATION.
LOOKING AT ABOVE REASONS WE CAN STRONGLY PREDICT THAT EUR-USD PAIR IS DUE FOR RETRACEMENT AND MAY RETRACE UP TO 1.1637.
1) PAIR HAS FORMED BULLISH FLAG PATTERN ON DAILY CHART, WHICH HAS ACHIEVED IT'S EQUAL MEASURED MOVE TARGET AS PER FLAG PATTERN.
2) AB=CD PATTERN HAS ALSO COMPLETED IT'S JOURNEY UP TO "D" EXTENSION, WHICH SUGGESTS THAT PAIR MAY RETRACE UP TO 1.1637 (SAME MEASURED MOVE OF "B" TO "C" RETRACEMENT) AS PER AB=CD MOVEMENT.
3) 0.382 RETRACEMENT OF "C" TO "D" EXTENSION ALSO ALIGNS WITH EQUAL MEASURED MOVE DISCUSSED IN ABOVE POINT NO. 2, WHICH ADDS TO THE CONFIRMATION (DAILY CHART).
4) DOUBLE TOP FORMATION ON 06-AUGUST-2020, WHICH GOT FOLLOW THROUGH (CONFIRMATION) WITH 3 BAR REVERSAL ON NEXT DAY (07-AUGUST-2020).
5) RSI BEARISH DIVERGENCE AROUND DOUBLE TOP FORMATION.
LOOKING AT ABOVE REASONS WE CAN STRONGLY PREDICT THAT EUR-USD PAIR IS DUE FOR RETRACEMENT AND MAY RETRACE UP TO 1.1637.