Expecting the EUR to head higher this trading week
- Boon Hooi
- May 31, 2020
- 1 min read
EURUSD H4 Chart
The EUR has rallied quite a bit due to the weakening of USD. Based on price structure we should see a correction to the downside soon before another rally up to the 1.13 price range completing the whole ascending structure and Bearish Gartley pattern before making a big down move to the 1.07 price range.
Do note that all levels shown have to be respected, HFX trading team can also see that a smaller Bearish Crab pattern is about to complete which coincides with the second touch of the ascending structure; meaning a reversal can take place from that level (1.1150 – 1.1170).
Important level to note is the 1.0990 - 1.1017 level. If this is broken we can expect the downside to continue however should this level be supported we can expect it to head higher before taking another short.
EURJPY Daily Chart
The EURJPY daily chart also contains a Bearish Shark that completes at 1.2198. This is also another major resistance level and it would be advisable to wait for this Bearish Shark to complete before taking a short trade to the downside.
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