The megaphone pattern is still in play. On Friday we broke below 100.73 : we are back into the megaphone so there is still a good chance that this was a failed breakout.
During the last 2 weeks we printed a H&S pattern and we are breaking down the pattern.
The first level we could tag very soon - if the breakdown is completed - 99.4 . There is the 200 SMA on the 4hrs chart and that is the target price counted from the H&S pattern.
Notice the divergencies at all the indicators:
MACD, RSI, TSI
Today's italian voting will be very important in setting the direction.
During the last 2 weeks we printed a H&S pattern and we are breaking down the pattern.
The first level we could tag very soon - if the breakdown is completed - 99.4 . There is the 200 SMA on the 4hrs chart and that is the target price counted from the H&S pattern.
Notice the divergencies at all the indicators:
MACD, RSI, TSI
Today's italian voting will be very important in setting the direction.
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We are printing a terrible key reversal daily candle.
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Draghi should have seen this scenario weeks ago, he was still weakening the euro. At least now we can see what is their pain treshold:
They don't want the parity.
They don't want the parity.
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It seems we tested back the breakdown.
It's a possible entry point again.
They always talk before acting...