EURUSD: Bat Pattern Setting Up, How Will We Get There

In yesterday’s post I mentioned that the EURUSD was at a decision point. Well, it looks like the markets didn’t decided to go with my decision to get short as I was stopped out on the 2618 opportunity. Luckily Jason had a monster day in the Syndicate bringing in just under 300 pips himself. That’s what friends are for!

Now that the Euro has broken and closed above the previous resistance level it’s time to redo that IPDE process and prepared for the next move. Our next structure level starts around the 1.1360’s area which would also line up with a bearish bat pattern completion here on the daily. I’m not a daily chart trader, but this information will be useful for building a CTS score as I do analysis on the lower timeframes. One thing to be careful with is the higher level of structure looking left. In my experience I’ve noticed that when two levels of structure are close to eachother, the higher one is typically tested. Something to keep in mind when placing those stop losses.

In the mean time, there are two ways that price action can reach that level, it can either go directly there, or we may see a pullback into previous resistance which should now act as support

Because I didn’t have the chance to record a Weekend Review video last night I’m going to do another Live Google Hangout for the first 20 minute so of today’s Live Trading Room. Here’s the link if you want to join. And make sure you subscribe to my channel.

Click here to join the hangout www.youtube.com/watch?v=HGvRDpn8...

Akil Stokes
Chief Currency Analysis at Trade Empowered
Click here for 20+ hours of FREE Training
tradeempowered.com/learn-to-trade/

Click the link below to subscribe for more FOREX TRADING videos
www.youtube.com...MWZqOsvzTF_LGQg?sub_confir...
Facebook: www.facebook.com/AkilStokesTrader
Twitter: twitter.com/AkilStokesRTM