EURUSD Harmonic Pattern Forecast
In the previous week there was a complete Crab Pattern which suggested we will see price move higher. A strong bullish engulfing bar was a sign of bullish strength and what you can see on the chart scanner has shown the entry level right on that level.
From there the whole week was bullish and the price reached $1.19000 which is a strong resistance level. To backup the significance of resistance level we have two harmonic patterns suggesting $1.19000 as an entry level for sellers.
While the price is at strong resistance it will be hard to break above, but if the price breaks above the next resistance is at $1.19600 – $1.20000 level.
The potential reversal zone of Shark and Cypher pattern is right around $1.19000 that suggests move down. With a bearish Pin bar and strong horizontal resistance level we have strong indications for the price moving down.
First support where the price could reach is around $1.18500 where few trendlines cross which makes an area of support.
What we must have in mind is that the confluence of support of the weekly trend line and daily downtrend line could make a problem for the sellers and back up buyers.
If the confluence of support does not hold we will have price again in the downtrend channel and $1.17000 as a next possible target.
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