Cup O' The Morning!! - EU
Updated
Here I have EUR/USD on the 1 Hr Chart!!
Price has been traveling in a Descending Channel and after the Test of the Support @ ( 1.0800 - 1.0810 ) last night, Price made a DRASTIC return to the Resistance!!
Upon the Price Action you can see that Price is getting ready to break BULLISH of this Channel via the CUP & HANDLE pattern forming!!
Price has given us the COMPLETION of the "BOWL"
NOW with price struggling to break to NEW HIGHS, we can expect price to come down looking for SUPPORT!!
Where at??
Taking the Fibonacci Tool, we see our Targeted Fibonacci Zone being the expected "Handle" levels are ( 1.08297 - 1.08381 )
*If price is unable to BREAK HIGHER, I will be looking for BUY OPPORTUNITES AT THIS ZONE!!!
My area of Profit Target, if the Pattern remains VALID up to the point of its Full Execution, will be the 1.0900 Area
Price has been traveling in a Descending Channel and after the Test of the Support @ ( 1.0800 - 1.0810 ) last night, Price made a DRASTIC return to the Resistance!!
Upon the Price Action you can see that Price is getting ready to break BULLISH of this Channel via the CUP & HANDLE pattern forming!!
Price has given us the COMPLETION of the "BOWL"
NOW with price struggling to break to NEW HIGHS, we can expect price to come down looking for SUPPORT!!
Where at??
Taking the Fibonacci Tool, we see our Targeted Fibonacci Zone being the expected "Handle" levels are ( 1.08297 - 1.08381 )
*If price is unable to BREAK HIGHER, I will be looking for BUY OPPORTUNITES AT THIS ZONE!!!
My area of Profit Target, if the Pattern remains VALID up to the point of its Full Execution, will be the 1.0900 Area
Comment
Still waiting for Price to make a Retracement Touch to our Fib Zone ( 1.0840 - 1.0830 ) Based on High at end of Last Week!Get Ready for Buy Opportunities!!
Comment
Price has rejected off the Falling Resistance of the Descending Channel!!Comment
German IFO Business Climate came in LOWER than expected (89.3 Actual v. 90.4 Forecast)We are now beginning to see price make its retracement down to our BUY ZONE!!
GET READY!
Trade active
Price has retraced to our Targeted Fib Zone!!BUY Entry @ 1.0841
SL @ 1.0825
Comment
Belgian NBB Business Climate brought some interesting results!With Actual @ -11 v Forecast @ -10.8 shows that forecasted was missed by .2 but compared to Last Months -11.9, we see this being a GOOD turnout!
Could ECB thinking about holding back Rate Cuts later than next week?!
Comment
HPI m/m - 7.4% Actual v 7.3% Forecast HPI Y/y - .1% Actual v .5% Forecast
What makes y/y worse is the fact that this is a 1.1% decrease from April's 1.2%
Looking devastating for the USD!
Novi_FIbonacci
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