The "Wedge" Confirms the "Nod" - EU
Updated
Here I have EUR/USD on the 4 Hr Chart!
The Head & Shoulders Reversal Pattern took all mid-July to form with Price finally Breaking the Low @ 1.08715 and giving us the New Lower Low @ 1.08256!
Price has been working back up to test the Break of Confirmation of Pattern but remains unable to break above, and with this Price Action, we begin to see a Bearish Wedge formation!!
This Wedge is a Continuation Pattern and is textbook confirmation to see the Head & Shoulders being true to the Reversal Behavior!
*As long as Bears remain solid at the 1.087 level, the Bearish Break to the Rising Support of the Wedge will be Confirmation of the Wedge Continuation Pattern itself, therefore strengthening the Bearish Bias on the Pair to CONTINUE!
-We see Price on the RSI is remaining BELOW the 50 reassuring Bearish Pressure
-BB Trend Printing strong Red Bars
-Fundamentals-
EUR - CPI's & GDP (Tue), CPI's (Wed), PMI's (Thur)
USD - Consumer Confidence & JOLTS (Tue), ADP Non-Farm/GDP/Pending Home Sales/Funds Rate (Wed) Unemployment Claims ISM Manu. PMI (Thur) Average Hourly Earnings, Non-Farm Employment, Unemployment Rate (Fri)
The Head & Shoulders Reversal Pattern took all mid-July to form with Price finally Breaking the Low @ 1.08715 and giving us the New Lower Low @ 1.08256!
Price has been working back up to test the Break of Confirmation of Pattern but remains unable to break above, and with this Price Action, we begin to see a Bearish Wedge formation!!
This Wedge is a Continuation Pattern and is textbook confirmation to see the Head & Shoulders being true to the Reversal Behavior!
*As long as Bears remain solid at the 1.087 level, the Bearish Break to the Rising Support of the Wedge will be Confirmation of the Wedge Continuation Pattern itself, therefore strengthening the Bearish Bias on the Pair to CONTINUE!
-We see Price on the RSI is remaining BELOW the 50 reassuring Bearish Pressure
-BB Trend Printing strong Red Bars
-Fundamentals-
EUR - CPI's & GDP (Tue), CPI's (Wed), PMI's (Thur)
USD - Consumer Confidence & JOLTS (Tue), ADP Non-Farm/GDP/Pending Home Sales/Funds Rate (Wed) Unemployment Claims ISM Manu. PMI (Thur) Average Hourly Earnings, Non-Farm Employment, Unemployment Rate (Fri)
Trade active
Sell Entry @ 1.086SL @ 1.088
TP @ TBD
Note
Price has given us a STRONG break of the Rising Support!!
Currently finding itself in the Horizontal Support Zone, If its unable to Break down further, we could see price make a retracement to test the Break of Pattern!
Note
Another Sell Opportunity on the way!!Looking for price to retrace to the 1.0828 - 1.0844 area!
Note
Price on EUR/USD is still working up from the Low @ 1.08027.
-Price unable to Break Down below the Fib Kill Zone tells me we could see price continue up for a deeper retracement to the 1.08284 - 1.08364 Area!
*There is potential for a 38.2% Retracement to 1.08443!
Trade active
Price has made its full retracement into my Fib Entry Zone!!
Price is finding Resistance @ 1.08324!
Sell Entries @ 1.0832
SL @ 1.085
Note
Consumer Confidence and JOLTS both coming in HOTTER than expected bringing the USD some strength!!Trade closed manually
Seems the fear of Interest Rate Cuts has been enough to squander USD.Seeing as how price is finding itself stuck within the Fib Kill Zone, I will be closing all Sell Entries!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
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