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EURUSD: ABCD pattern in play with bearish targets

Posted by Ahmed Mamdouh On 8/16/2017 2:14:47 AM In Technical_Analysis


Since the beginning of 2017, the EURUSD pair has been moving in a bullish direction, but in recent days the weakness signals have started to appear on the pair and it is likely to change the trend from bullish to bearish for several reasons that we will present in this article.

As depicted from the previous chart, the EURUSD pair has broken the ascending trend line (on the three-hour timeframe), based on three price points, which continued with the pair two months ago and this is the main reason for opening a sell order!

The price also has breached the Ichimoku cloud and stabilized below it, while we are waiting for a break to the Kijun-sen (red) for the Ichimoku cloud before entering.

The pair is targeting 1.1630 price level as it represents a strong support level, where it corresponds to the support of the Ichimoku cloud and the formation of the harmonic ABCD pattern!


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