EURUSD bear swing at weekly SR, setting up for..?
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EURUSD just touched last week's low (from Friday) 1.12732. Sunday, I drew the green box as my "watch" zone for support. After London session closed today, price crawled down through this zone.
Barring wick tests lower, if we see the bulk of price remaining above prior weekly low, there could be a bounce up. However, H1 chart has already retested and confirmed 1.1300 as a sell earlier today.
I opted to post this idea with the ABCD pattern for a measured move target on D1 chart, even though I trade on M1 and M5. 100% target at 1.1160 would let the asshole money just barely break the prior D1 low, as well as make an awfully textbook-pretty expanding price pattern (megaphone). 50% target is 1.12441, which is not near any convenient SR for confluence. Maybe a prior broken weekly support at 1.1234. I'm leaning towards the 100% target, but probably not in the time I've projected here. I only draw my ABCDs symmetrically to know my target. In reality most of them seem to take 2-3x longer to fulfill 100% target.
Sooo I labeled this as neutral, but I have both buy and sell scenarios. Make what you will of it.
Barring wick tests lower, if we see the bulk of price remaining above prior weekly low, there could be a bounce up. However, H1 chart has already retested and confirmed 1.1300 as a sell earlier today.
I opted to post this idea with the ABCD pattern for a measured move target on D1 chart, even though I trade on M1 and M5. 100% target at 1.1160 would let the asshole money just barely break the prior D1 low, as well as make an awfully textbook-pretty expanding price pattern (megaphone). 50% target is 1.12441, which is not near any convenient SR for confluence. Maybe a prior broken weekly support at 1.1234. I'm leaning towards the 100% target, but probably not in the time I've projected here. I only draw my ABCDs symmetrically to know my target. In reality most of them seem to take 2-3x longer to fulfill 100% target.
Sooo I labeled this as neutral, but I have both buy and sell scenarios. Make what you will of it.
Ghi chú
YUP 5 minutes after I wrote that, quick M5 spike down to D1 S2 pivot 1.1266. 1 hr left in NY session. I guess someone really wants that downtrend continuation.
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