This pair is forming a very solid ABCD pattern as point C was put in place very decisively. The chart is showing the ABCD pattern overlaid with a Fibonacci Extension. Our projection is for this pair to make a run towards the 61.8% to 76.4% Fib extensions but we wouldn't be surprised if it made a run to the 100% level as the pullback was shallow. Pullbacks that do not retrace the entire 61.8% show that buyers are eager to resume the uptrend. As you can see the C retracement was only 56.9%. As long as the bulls stay in the Euro camp our projection could be met but as we all know the Euro has been in a long-term bear trend.
Set your stops just below point A, we will be willing to risk down to the 1.06900 level as our algorithm is calculating 90% odds of a run higher on the daily chart. unique4xpro.com
Set your stops just below point A, we will be willing to risk down to the 1.06900 level as our algorithm is calculating 90% odds of a run higher on the daily chart. unique4xpro.com
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