A forming Deep Crab pattern has been identified on the eur/usd H1 chart. The pattern is held by a 88.6 b point retracement and more important a 1.618 XA externsion with a ~2.24 BC externsion. Considering the fundamentals favor a long position on euro the PRZ has been marked on the chart having the level 1.0915 & 1.0900 as edges. SL ~20 pips with tp1 ~1.0940 (where...
This scenario will work on assumptions stated by the format "if...then..."
If the price goes below the red line(4) then hold.
THE IDEAL SCENARIO: If the price retraces to the red line(4) then it should go towards the black line(3); If the price goes above the black signal line(3) a buy is initiated.
The green line (2) is the most important one because if it's...
From a technical standpoint this pattern can be considered a bearish crab but not a perfect one. Specifically the B point is not a precise 61.8 retracement.
From a fundamental standpoint there is a "risk on" attitude with eur(french elections) and aud(CPI - Friday) and so the JPY is being sold.
Can you infer or confirm my assumptions?
