Bearish Shark pattern for EUR/USD
A possible scenario for the EUR/USD pair could be a double
top formation at 1.2092 that would initiate a large(r)
correction, possibly even towards the French election gap
below, but certainly would target the 1.1009 level at the
61.8% Fibo retracement level as illustrated.
The arrow drawn from 1.2092 to the downside is the length of
leg B to C from the Shark pattern. Interestingly enough it
reaches down to just below the 50% of the open gap below.
If price closes above 1.2092 then I would start targeting
the 1.25 level above and beyond, however, the French
election gap is so vast that I don't see it not being closed.
I'm not going to suggest entry and stop/ loss levels as I
personally don't trade the weekly time frame, but this
serves more as a roadmap of where price might be headed.
Happy trading
A possible scenario for the EUR/USD pair could be a double
top formation at 1.2092 that would initiate a large(r)
correction, possibly even towards the French election gap
below, but certainly would target the 1.1009 level at the
61.8% Fibo retracement level as illustrated.
The arrow drawn from 1.2092 to the downside is the length of
leg B to C from the Shark pattern. Interestingly enough it
reaches down to just below the 50% of the open gap below.
If price closes above 1.2092 then I would start targeting
the 1.25 level above and beyond, however, the French
election gap is so vast that I don't see it not being closed.
I'm not going to suggest entry and stop/ loss levels as I
personally don't trade the weekly time frame, but this
serves more as a roadmap of where price might be headed.
Happy trading