This chart is a EUR/USD 30-minute price chart from TradingView, showing a harmonic pattern (likely a Gartley or Bat pattern) along with trend channels and a projected price movement.
Key Observations:
Harmonic Pattern:
The blue shaded area represents a harmonic pattern, likely a Bullish Bat or Gartley pattern.
The labeled points X, B, C, D indicate the harmonic structure, with a completion near X.
Uptrend & Trend Channel:
The price is following an ascending channel, respecting the upper boundary near 1.0940 - 1.0950.
The D-point completion of the harmonic pattern suggests a potential pullback before further continuation.
Projected Price Movement:
The black arrows indicate a possible scenario where price retraces slightly before continuing its bullish move.
The blue arrow highlights a key level where buyers might step in for a new push higher.
Volume Considerations:
There is moderate volume supporting the current uptrend.
If volume remains strong on a pullback, the bullish breakout has a higher probability.
Conclusion & Trade Idea:
Short-term: Expect a small retracement before potential continuation.
Bullish Breakout Confirmation: A breakout above 1.0950 could trigger more upside towards 1.0970 - 1.1000.
Risk Management: If price falls below 1.0890, it may invalidate the bullish outlook.