Swanpattern
EURUSD Update: Keep Shorting until SMA200 Trading Summary
- Bearish Black Swan pattern ( 1.13800 ) has achieved its structural target at 1.12000 where Fibonacci 0.618 Fan meets SMA 100.
- A fresh short trade at 1.12170 has achieved its first target 1.11680. ( M30 Chart Head & Shoulders Pattern)
Technical Overview and Levels
- The medium-term trend is still bullish as the EURUSD pair is trading above SMA200 ( 1.10500 ) on the H4 timeframe and EMA50 ( 1.10780 ) on the D1 timeframe.
- Harmonic Overview: H1 Chart Bullish ABCD and H4 Chart Bullish Three Drives can be used as a buying opportunity ( 1.11680 MM -1/8 ) however upside looks capped by SMA 100 and EMA50 AT 1.12300 – 1.12500.
- A potential retracement towards 1.12300 can be use as a selling opportunity.
- Closing below 1.11600 will send the price 1.11100 ( MM -2/8) and 1.10700 EMA50 D1.
- We need to see a firm closing below SMA200 ( 1.10500) to talk about medium-term trend shift – Bullish to Bearish –
- Closing Below SMA200 H4: Bullish White Swan
As mentioned on my DXY chart, a potential closing above 98.00 may help the trend change.
Any intraday opportunity will be posted on the channel.
Good Luck.