EURUSD Trade Setup & Forecast for the week 17th Feb, 2014
(Cypher Harmonic Pattern coming?)
Weekly Chart
Daily Chart
Hourly Chart
Last week my trade setup for short worked very well, For those who followed it had a capacity for around 100pips. However i did not expect the bullish momentum to be so strong for the euro.
Anyways, working what the chart tells us, here is my next trade setup. With the bullish momentum and price breaking through resistance, i won't be suprised for price to hit my sell zone.
This zone has confluence levels of 78.6 fib, 161.8 fib ext, 127.2 & 200inverse fib ext, as well as weekly R2 pivot, they are all within few pips of each other, and three overlapping as well. - You couldn't get much better confluence so this looks exciting. Then when i took a view of the chart zoomed out, what i saw is a cypher pattern setting up - therefore i've drawn in the triangle for harmonic pattern traders to see.
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