EURUSD (240): Bearish Bat pattern
EURUSD has been a range of consolidation since May and whenever there is consolidation, Harmonic patterns start to pop-up.
LL = Lower Low
LH = Lower High
HL = Higher Low
HH = Higher High
Prediction:
Continuation to Bat Pattern completion around 1.135 although bear in mind that price action can move up to 1.145 (the green rectangular region outlining previous resistance). This region has been hit multiple times over the past few months. Furthermore, we are also seeing an ascending triangle that started forming in late March/early April.
IF/THEN:
(1) If our pattern is completed, then we might see target 1 and 2 being hit as price action stays in the period of consolidation.
(2) If we see a break in structure above 1.145 (pattern is then void), then we might see a breakout in the ascending triangle and a bullish trend, hence ending the consolidation period.
Possible Targets (Trading-Plan Dependent):
Target 1: 0.382 (cyan line)
Risk/Reward: 1.62
Target 2: 0.618 (purple line)
Risk/Reward: 2.68
LL = Lower Low
LH = Lower High
HL = Higher Low
HH = Higher High
Prediction:
Continuation to Bat Pattern completion around 1.135 although bear in mind that price action can move up to 1.145 (the green rectangular region outlining previous resistance). This region has been hit multiple times over the past few months. Furthermore, we are also seeing an ascending triangle that started forming in late March/early April.
IF/THEN:
(1) If our pattern is completed, then we might see target 1 and 2 being hit as price action stays in the period of consolidation.
(2) If we see a break in structure above 1.145 (pattern is then void), then we might see a breakout in the ascending triangle and a bullish trend, hence ending the consolidation period.
Possible Targets (Trading-Plan Dependent):
Target 1: 0.382 (cyan line)
Risk/Reward: 1.62
Target 2: 0.618 (purple line)
Risk/Reward: 2.68
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