EUR/USD Pair had a huge bearish momentum last week by dropping from 1.25200 to reach 1.2200 and we consider 1,2200 is a key support level and the price failed to break this level last week. In this article, we will look at EUR/USD using different methods of analyses to make a final decision:
Wave Analysis:
- From my point of view, the pair made 4 waves up and is waiting to break of the trend line of wave 4 to give us more confirmation for the start of a new bullish momentum of wave 5.
- In this case we have 3 targets: target one is the last top at 1.2520.
- And by breaking the last top will give us more confirmation for more upside to reach 1.2700 at Fibonacci level -27.2%.
SWAT Analysis:
- The price made a flag and we need a breakout for this flag to have a confirmation for a buy signal.
- Also the price is trying to break above the 144 EMA and the 21 EMA.
- So we need to wait till breaking the flag, 144 EMA and 21 EMA.
Harmonic Pattern:
- The price has a key support level at 1.2200 which matches point ( D ) for a complete BAT (LON:BATS) pattern.
- So as price still remain above 1.2200 so the pair has an upside bounce from this point to reach 1.2327 as TP 1 and 1.240313 TP 2.
- And in case of breaking 1.2200 then the BAT pattern is cancelled and the price is going to make a CRAB pattern which is expected to finish point D around 1.193844.
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