|Unbiased ||Nov 12, 2019 7:56am | Post# 1161313 |
Bullish Garley/222 pattern at EUR/USD
FIB61.8 (1.09939 - light green horizontal line) of upswing XA almost coincides with ABCD161.8, which makes a bullish gartley/222 pattern on D1/daily time-frame. The round no. 1.10000 also coincides with support cluster area formed between the FIB level and ABCD161.8, that makes this area even more significant.
It still keeps the chances of bullish continuation of EUR/USD intact. Earlier we had bullish view which suggests that EUR/USD can erase the butterfly (shown in yellow), although we were not expecting such a deeper retracement. Nevertheless, if bullish move starts from D, the butterfly can still be erased in upcoming weeks.
If prices goes to D area but doesn't close below the FIB61.8, it will plot stronger scenario for bullish reversal. However, if EUR/USD makes a bullish candle or chart pattern on H1 even after closure of D1 slightly below the FIB level, chances of bullish reversal will still be on the table.