Euro / US-DollarLong
EUR/USD: AB=CD Harmonic Pattern Signals Potential Bullish Trade
AB=CD Harmonic Pattern Pattern Formation:
The EUR/USD pair is currently forming an AB=CD Harmonic Pattern, which is a common and reliable formation in technical analysis. This pattern is typically seen as a strong indicator of potential price movement, making it a crucial point of interest for traders.
Fibonacci Retracement & Projection Analysis:
The BC leg has shown a 58% Fibonacci retracement, aligning with a 2.0 projection of the BC leg. This confluence strengthens the validity of the AB=CD pattern, suggesting a high probability of the price reaching the D point as per the pattern projection.
Entry Strategy:
We recommend taking a Buy entry near the 1.10500 level, at the retest of the Point B breakout. This level offers a strategic entry point, capitalizing on the potential Bullish Trend Continuation toward the projected D point of the harmonic pattern.
Profit-Taking Strategy:
To maximize profit while managing risk, we suggest the following take profit levels:
TP-1: 1.11300 - First resistance zone where partial profits should be taken.
TP-2: 1.12100 - The second resistance zone is critical for further profit-taking.
Stop Loss Placement:
To protect against adverse price movements, a stop loss should be placed near 1.09690. This level is strategically chosen to allow for natural market fluctuations while safeguarding against significant losses.
Conclusion:
The EUR/USD is currently presenting a strong technical setup with the formation of the AB=CD Harmonic Pattern. By entering at 1.10500, traders can position themselves advantageously for a potential move towards the resistance zones near 1.11300 and 1.12100. Proper risk management is advised with a stop loss set at 1.09690.
Disclaimer: This analysis is for informational purposes only and does not constitute trading advice. Forex trading involves significant risk and may not be suitable for all investors. Always consult with a licensed financial advisor before making any trading decisions.
The EUR/USD pair is currently forming an AB=CD Harmonic Pattern, which is a common and reliable formation in technical analysis. This pattern is typically seen as a strong indicator of potential price movement, making it a crucial point of interest for traders.
Fibonacci Retracement & Projection Analysis:
The BC leg has shown a 58% Fibonacci retracement, aligning with a 2.0 projection of the BC leg. This confluence strengthens the validity of the AB=CD pattern, suggesting a high probability of the price reaching the D point as per the pattern projection.
Entry Strategy:
We recommend taking a Buy entry near the 1.10500 level, at the retest of the Point B breakout. This level offers a strategic entry point, capitalizing on the potential Bullish Trend Continuation toward the projected D point of the harmonic pattern.
Profit-Taking Strategy:
To maximize profit while managing risk, we suggest the following take profit levels:
TP-1: 1.11300 - First resistance zone where partial profits should be taken.
TP-2: 1.12100 - The second resistance zone is critical for further profit-taking.
Stop Loss Placement:
To protect against adverse price movements, a stop loss should be placed near 1.09690. This level is strategically chosen to allow for natural market fluctuations while safeguarding against significant losses.
Conclusion:
The EUR/USD is currently presenting a strong technical setup with the formation of the AB=CD Harmonic Pattern. By entering at 1.10500, traders can position themselves advantageously for a potential move towards the resistance zones near 1.11300 and 1.12100. Proper risk management is advised with a stop loss set at 1.09690.
Disclaimer: This analysis is for informational purposes only and does not constitute trading advice. Forex trading involves significant risk and may not be suitable for all investors. Always consult with a licensed financial advisor before making any trading decisions.
Anmerkung
TP-1 Hit
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