EURUSD formed a bullish cypher | Upto 12% move expected
After formation of BAT pattern priceline of Euro / US Dollar famous forex trading pair has formed another harmonic bullish Cypher pattern and entered in PRZ area to hit the sell targets soon insha Allah.
Even thought B leg is retraced upto 0.307 rather than 0.382 fibonacci but rest of the pattern is behaving as required perfect cypher therefore I am ignoring this difference.
Volume profile of complete pattern is showing less interest of traders at this.
Stochastic is oversold but did not give any bull cross sofar and MACD is still strong bearish therefore I would suggest to wait for MACD to turn weak bearish or for bull cross signal from Stochastic then buy.
The potential reversal zone can be used as stop loss in case the complete candle stick closes below the PRZ area.
I have used fibonacci sequence to set the targets:
Buy between: 1.11999 to 1.08206
Sell between: 1.14961 to 1.22104
Regards,
Atif Akbar (moon333)
Even thought B leg is retraced upto 0.307 rather than 0.382 fibonacci but rest of the pattern is behaving as required perfect cypher therefore I am ignoring this difference.
Volume profile of complete pattern is showing less interest of traders at this.
Stochastic is oversold but did not give any bull cross sofar and MACD is still strong bearish therefore I would suggest to wait for MACD to turn weak bearish or for bull cross signal from Stochastic then buy.
The potential reversal zone can be used as stop loss in case the complete candle stick closes below the PRZ area.
I have used fibonacci sequence to set the targets:
Buy between: 1.11999 to 1.08206
Sell between: 1.14961 to 1.22104
Regards,
Atif Akbar (moon333)
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