EURUSD H4 - Harmonic (Short possibility)

11 mag 2021

EURUSD

Good day.

We take a look at EURUSD with the pair possibly presenting the Bearish Shark harmonic pattern. We assume that it is indeed a Bearish Shark considering that the C-Leg retraced the A-Leg by 161.8%.

We therefore expect this pattern to complete anywhere between 1.22000 and 1.23000 since these levels are 88.6 and 113% reversal levels for the Shark pattern.

Anything is possible in the market, so, it is very possible for this pair to form an extended wave and we find that it tests the 1.24000 Supply Zone, which also happens to be a 141% retracement of the X - A leg.

Short positions will only be taken once we receive good confirmation of a reversal. Until then we will hold long.

Good luck.