Confirmed breakout of structure with Bullish Cypher possibility
We have a confirmed breakout of structure in a bullish direction with a possible Bullish Cypher formation to be completed.
On the 240, we have a clear indication of structure breakout LONG and I'm expecting this price movement to continue to at least the first target area.
If the second trendline breaks, we should expect price action to arrive at the second target area which would confirm the bullish cypher harmonic, which in turn would give us a SHORT signal for targets 3 and 4. RSI and Stochastic currently show overbought status, however MACD is showing more possible bullish activity before consolidation moves.
On the Weekly we have a more clear view, where all 3 indicators MACD, RSI and Stochastic clearly indicate bullish movement should continue to at least the first and second target areas.
My entry has already been triggered on this pair, as has most other EUR/xxx pairs due to similar structure. This should be a great trade, but expect this to be long term trade. Due to volatile price action on this pair inparticular, expect massive pullbacks/fibos whilst price action moves forward.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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On the 240, we have a clear indication of structure breakout LONG and I'm expecting this price movement to continue to at least the first target area.
If the second trendline breaks, we should expect price action to arrive at the second target area which would confirm the bullish cypher harmonic, which in turn would give us a SHORT signal for targets 3 and 4. RSI and Stochastic currently show overbought status, however MACD is showing more possible bullish activity before consolidation moves.
On the Weekly we have a more clear view, where all 3 indicators MACD, RSI and Stochastic clearly indicate bullish movement should continue to at least the first and second target areas.
My entry has already been triggered on this pair, as has most other EUR/xxx pairs due to similar structure. This should be a great trade, but expect this to be long term trade. Due to volatile price action on this pair inparticular, expect massive pullbacks/fibos whilst price action moves forward.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk.
Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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Disclaimer
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