EURUSD bullish possibilityHTF -> Market is in a continuation correction movement with HTF bearish bias
LTF -> Market is in a range bound ascending channel correction, with HTF bearish bias, however, the market last week has bounced from the bottom of the HTF correction forming a double bottom, and a descending channel, I suspect that the EUR will gain some strength to the upside if it breaks the LTF descending channel.
However, a LTF correction continuation pattern should be formed out of the descending channel, before a trade is put on.
Possiblesetup
XAUUSD possible scenarioTrendline breakout of Dn-model indicates the target at the top ~1470.70-1478.70.
Perhaps the formation of a new Up-model (MDB) in the form of an upward channel. If the corrective movement of the MDB model will happen and pink trendline breakout happens, then HP ~1448.50-1446.60 with high probability can be achieved.
If 1470.7 will reached ahead of schedule (that is, the time from point 6 (1450) to the trendline will be more than from the trendline to the 1st target) then XAUUSD will most likely return to the Dn-trend.
Yellow line - diagonal support/ resistance.
Breakout 1446 and consolidation under it - TP ~1431-1421.